Y Intercept Hong Kong Ltd Invests $8.05 Million in First Solar, Inc. $FSLR

Key Points

• Y Intercept Hong Kong Ltd disclosed a new stake in First Solar, buying 40,787 shares valued at about $8.05 million in the first quarter.
• First Solar posted better-than-expected Q1 earnings, with EPS of $3.22 versus estimates of $2.87, and revenue rose 23.6% year over year to $1.04 billion.
• The stock faces some near-term pressure from insider selling and a securities fraud class action, even as analysts maintain a Moderate Buy consensus with an average target price of $249.78.

Y Intercept Hong Kong Ltd purchased a new stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 40,787 shares of the solar cell manufacturer's stock, valued at approximately $8,046,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in First Solar during the 4th quarter valued at about $392,040,000. Viking Global Investors LP lifted its holdings in shares of First Solar by 60.6% during the 2nd quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer's stock valued at $375,122,000 after purchasing an additional 854,919 shares during the last quarter. Polar Capital Holdings Plc acquired a new stake in First Solar in the fourth quarter worth about $200,109,000. Lightrock Netherlands B.V. boosted its stake in First Solar by 2,663.8% in the 4th quarter. Lightrock Netherlands B.V. now owns 666,307 shares of the solar cell manufacturer's stock worth $174,059,000 after purchasing an additional 642,199 shares in the last quarter. Finally, Amundi grew its position in First Solar by 38.6% during the 3rd quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer's stock worth $459,917,000 after purchasing an additional 564,032 shares during the last quarter. 92.08% of the stock is currently owned by institutional investors.

First Solar Price Performance

First Solar stock opened at $224.57 on Friday. The stock has a market capitalization of $24.13 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 0.50 and a beta of 1.73. First Solar, Inc. has a 12 month low of $159.85 and a 12 month high of $320.95. The business has a 50 day simple moving average of $247.56 and a 200-day simple moving average of $232.06. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.87 by $0.35. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the firm posted $1.95 EPS. The business's revenue was up 23.6% on a year-over-year basis. On average, analysts anticipate that First Solar, Inc. will post 17.61 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Caroline Stockdale sold 10,628 shares of the firm's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $275.60, for a total transaction of $2,929,076.80. Following the completion of the sale, the insider directly owned 23,792 shares of the company's stock, valued at approximately $6,557,075.20. This trade represents a 30.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mark R. Widmar sold 9,926 shares of First Solar stock in a transaction on Monday, May 11th. The shares were sold at an average price of $233.21, for a total value of $2,314,842.46. Following the completion of the sale, the chief executive officer directly owned 95,148 shares of the company's stock, valued at $22,189,465.08. The trade was a 9.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 32,466 shares of company stock valued at $8,014,105 in the last ninety days. Company insiders own 0.39% of the company's stock.

Key Stories Impacting First Solar

Here are the key news stories impacting First Solar this week:

• Negative Sentiment: Multiple law firms, including Rosen, Schall, Kaplan Fox, Pomerantz, and others, urged First Solar shareholders to act on a securities fraud/class action lawsuit ahead of the August 24 deadline. Article Title
• Negative Sentiment: A class action has already been filed alleging First Solar and certain officers violated Sections 10(b) and 20(a) and Rule 10b-5, increasing legal overhang on the stock. Article Title
• Neutral Sentiment: One market update noted First Solar stock recently fell in trading, with the decline adding to near-term weakness already reflected in the shares. Article Title

Analysts Set New Price Targets

A number of research firms have issued reports on FSLR. Evercore raised their price target on shares of First Solar from $212.00 to $219.00 in a report on Monday, May 4th. Citigroup reduced their target price on First Solar from $300.00 to $243.00 and set a "buy" rating for the company in a research note on Tuesday, April 21st. Weiss Ratings raised First Solar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 25th. Zacks Research upgraded First Solar from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Finally, Barclays decreased their target price on shares of First Solar from $228.00 to $213.00 and set an "overweight" rating for the company in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $249.78.

About First Solar

First Solar, Inc NASDAQ: FSLR is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.

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