abrdn plc Boosts Stake in First Solar, Inc. (NASDAQ:FSLR)

abrdn plc grew its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 15.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 266,648 shares of the solar cell manufacturer's stock after buying an additional 35,445 shares during the period. abrdn plc owned 0.25% of First Solar worth $45,938,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FSLR. Clean Energy Transition LLP raised its stake in First Solar by 948.8% during the 3rd quarter. Clean Energy Transition LLP now owns 1,186,646 shares of the solar cell manufacturer's stock valued at $191,750,000 after purchasing an additional 1,073,500 shares during the period. Barclays PLC raised its stake in First Solar by 125.5% during the 3rd quarter. Barclays PLC now owns 848,623 shares of the solar cell manufacturer's stock valued at $137,130,000 after purchasing an additional 472,327 shares during the period. Covalis Capital LLP raised its stake in First Solar by 615.6% during the 3rd quarter. Covalis Capital LLP now owns 408,012 shares of the solar cell manufacturer's stock valued at $65,931,000 after purchasing an additional 350,996 shares during the period. Assenagon Asset Management S.A. raised its stake in First Solar by 504.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 399,650 shares of the solar cell manufacturer's stock valued at $68,852,000 after purchasing an additional 333,496 shares during the period. Finally, Vanguard Group Inc. raised its stake in First Solar by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 12,040,031 shares of the solar cell manufacturer's stock valued at $1,945,549,000 after purchasing an additional 279,424 shares during the period. 92.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FSLR. Royal Bank of Canada reissued an "outperform" rating and set a $195.00 target price on shares of First Solar in a research note on Wednesday, February 28th. Oppenheimer reaffirmed an "outperform" rating and issued a $269.00 price objective on shares of First Solar in a research note on Wednesday, April 17th. DZ Bank assumed coverage on First Solar in a research note on Wednesday, April 17th. They issued a "buy" rating and a $205.00 price objective on the stock. Janney Montgomery Scott assumed coverage on First Solar in a research note on Friday, April 12th. They issued a "buy" rating and a $236.00 price objective on the stock. Finally, Mizuho lifted their price objective on First Solar from $188.00 to $196.00 and gave the stock a "buy" rating in a research note on Wednesday, January 3rd. Three research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, First Solar presently has an average rating of "Moderate Buy" and a consensus price target of $229.68.

First Solar Stock Up 0.7 %

Shares of FSLR stock traded up $1.24 during mid-day trading on Monday, hitting $176.28. The stock had a trading volume of 2,010,070 shares, compared to its average volume of 2,092,423. First Solar, Inc. has a 12-month low of $129.21 and a 12-month high of $232.00. The firm has a market capitalization of $18.87 billion, a P/E ratio of 22.78, a price-to-earnings-growth ratio of 0.30 and a beta of 1.41. The firm's 50-day moving average is $161.72 and its two-hundred day moving average is $156.46. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.55 and a quick ratio of 2.92.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its earnings results on Tuesday, February 27th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping the consensus estimate of $3.19 by $0.06. First Solar had a return on equity of 13.80% and a net margin of 25.03%. The business had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.31 billion. During the same period in the prior year, the business earned ($0.07) EPS. The business's revenue for the quarter was up 15.5% compared to the same quarter last year. On average, analysts predict that First Solar, Inc. will post 13.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director R Craig Kennedy sold 1,500 shares of the business's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $157.76, for a total value of $236,640.00. Following the completion of the transaction, the director now directly owns 15,641 shares of the company's stock, valued at approximately $2,467,524.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director R Craig Kennedy sold 1,500 shares of the business's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $157.76, for a total value of $236,640.00. Following the completion of the transaction, the director now directly owns 15,641 shares of the company's stock, valued at approximately $2,467,524.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Kuntal Kumar Verma sold 250 shares of the business's stock in a transaction on Monday, March 18th. The stock was sold at an average price of $148.34, for a total value of $37,085.00. Following the completion of the transaction, the insider now directly owns 5,170 shares of the company's stock, valued at $766,917.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,620 shares of company stock worth $4,269,540. 0.58% of the stock is currently owned by company insiders.

First Solar Company Profile

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.