Voya Investment Management LLC Lowers Position in First Solar, Inc. $FSLR

Key Points

• Voya Investment Management LLC cut its stake in First Solar, Inc. by 59.1%, resulting in ownership of approximately 512,652 shares worth $64.8 million.
• Analysts have expressed optimism about First Solar, with price target increases from firms like Royal Bank of Canada and JPMorgan Chase, indicating a consensus rating of "Moderate Buy".
• Insider transactions reveal that key executives sold a substantial number of shares recently, including CEO Mark R. Widmar, who sold 23,912 shares valued at over $4.4 million.

Voya Investment Management LLC reduced its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 59.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 512,652 shares of the solar cell manufacturer's stock after selling 739,339 shares during the quarter. Voya Investment Management LLC owned approximately 0.48% of First Solar worth $64,815,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Garde Capital Inc. purchased a new stake in First Solar in the 1st quarter valued at $25,000. Wealth Preservation Advisors LLC purchased a new stake in First Solar in the 1st quarter valued at $25,000. Larson Financial Group LLC raised its position in First Solar by 591.9% in the 1st quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer's stock valued at $32,000 after buying an additional 219 shares during the last quarter. Colonial Trust Advisors bought a new position in First Solar in the 1st quarter valued at $32,000. Finally, Abound Financial LLC bought a new position in First Solar in the 1st quarter valued at $45,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FSLR has been the subject of a number of recent analyst reports. Royal Bank Of Canada upped their price objective on First Solar from $188.00 to $200.00 and gave the company an "outperform" rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. upped their price objective on First Solar from $200.00 to $208.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Jefferies Financial Group set a $194.00 price objective on First Solar and gave the company a "buy" rating in a research note on Tuesday, July 15th. Hsbc Global Res upgraded First Solar to a "strong-buy" rating in a research note on Friday, August 1st. Finally, Bank of America upped their price objective on First Solar from $185.00 to $201.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, First Solar presently has a consensus rating of "Moderate Buy" and an average price target of $225.84.

First Solar Stock Down 0.8%

FSLR stock opened at $201.70 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.41 and a current ratio of 1.90. The company has a market capitalization of $21.63 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 0.40 and a beta of 1.41. First Solar, Inc. has a fifty-two week low of $116.56 and a fifty-two week high of $262.72. The stock has a fifty day moving average of $187.50 and a 200-day moving average of $159.30.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.50. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.03 billion. First Solar had a return on equity of 15.57% and a net margin of 28.95%.The firm's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.25 EPS. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. As a group, equities research analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current year.

Insider Transactions at First Solar

In other news, insider Patrick James Buehler sold 1,600 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $180.00, for a total transaction of $288,000.00. Following the completion of the transaction, the insider owned 4,398 shares in the company, valued at approximately $791,640. This represents a 26.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark R. Widmar sold 23,912 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $185.47, for a total value of $4,434,958.64. Following the sale, the chief executive officer directly owned 87,978 shares in the company, valued at $16,317,279.66. This trade represents a 21.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,315 shares of company stock worth $6,021,305. 0.48% of the stock is owned by company insiders.

About First Solar

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.

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