Nuveen Asset Management LLC Raises Stake in First Solar, Inc. (NASDAQ:FSLR)

Nuveen Asset Management LLC lifted its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 4.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 931,774 shares of the solar cell manufacturer's stock after buying an additional 42,786 shares during the period. Nuveen Asset Management LLC owned about 0.87% of First Solar worth $164,216,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its stake in First Solar by 20.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,104 shares of the solar cell manufacturer's stock worth $1,252,000 after acquiring an additional 1,192 shares during the last quarter. Czech National Bank raised its holdings in First Solar by 6.4% during the 4th quarter. Czech National Bank now owns 23,213 shares of the solar cell manufacturer's stock valued at $4,091,000 after buying an additional 1,401 shares during the period. Assenagon Asset Management S.A. lifted its position in First Solar by 340.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 206,743 shares of the solar cell manufacturer's stock worth $36,436,000 after buying an additional 159,845 shares during the last quarter. Mirador Capital Partners LP boosted its stake in First Solar by 34.6% during the fourth quarter. Mirador Capital Partners LP now owns 2,275 shares of the solar cell manufacturer's stock worth $401,000 after buying an additional 585 shares during the period. Finally, Beech Hill Advisors Inc. increased its position in First Solar by 2.6% during the fourth quarter. Beech Hill Advisors Inc. now owns 27,123 shares of the solar cell manufacturer's stock valued at $4,780,000 after acquiring an additional 683 shares during the last quarter. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Truist Financial restated a "buy" rating and issued a $200.00 target price (down previously from $245.00) on shares of First Solar in a report on Thursday, May 1st. KeyCorp downgraded shares of First Solar from a "sector weight" rating to an "underweight" rating and set a $100.00 price objective for the company. in a research note on Wednesday, April 30th. JPMorgan Chase & Co. cut their target price on First Solar from $282.00 to $268.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. StockNews.com lowered First Solar from a "hold" rating to a "sell" rating in a research note on Friday, May 2nd. Finally, Piper Sandler cut their price objective on First Solar from $230.00 to $205.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, First Solar presently has a consensus rating of "Moderate Buy" and an average price target of $226.30.

First Solar Stock Down 7.6%

Shares of NASDAQ FSLR traded down $13.54 during trading hours on Monday, hitting $164.92. 10,866,846 shares of the stock were exchanged, compared to its average volume of 3,097,490. First Solar, Inc. has a 12 month low of $116.56 and a 12 month high of $306.77. The firm has a fifty day moving average price of $134.97 and a 200-day moving average price of $162.92. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The company has a market cap of $17.69 billion, a PE ratio of 14.21, a PEG ratio of 0.19 and a beta of 1.46.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 EPS for the quarter, missing the consensus estimate of $2.50 by ($0.55). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business had revenue of $844.57 million for the quarter, compared to analysts' expectations of $863.11 million. During the same quarter in the prior year, the company posted $2.20 EPS. The business's revenue for the quarter was up 6.4% on a year-over-year basis. On average, sell-side analysts expect that First Solar, Inc. will post 13.05 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Alexander R. Bradley sold 599 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $80,116.25. Following the completion of the transaction, the chief financial officer now directly owns 45,717 shares of the company's stock, valued at $6,114,648.75. This trade represents a 1.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark R. Widmar sold 21,542 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the sale, the chief executive officer now directly owns 103,403 shares in the company, valued at approximately $14,589,129.27. This represents a 17.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,311 shares of company stock valued at $4,767,158. 0.48% of the stock is currently owned by corporate 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.