OFI Invest Asset Management Makes New Investment in First Solar, Inc. (NASDAQ:FSLR)

OFI Invest Asset Management bought a new position in shares of First Solar, Inc. (NASDAQ:FSLR) during the fourth quarter, HoldingsChannel.com reports. The firm bought 21,538 shares of the solar cell manufacturer’s stock, valued at approximately $3,666,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in First Solar by 75.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock valued at $523,166,000 after buying an additional 904,498 shares in the last quarter. Amundi grew its holdings in First Solar by 31.0% during the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock valued at $336,871,000 after buying an additional 426,797 shares in the last quarter. Merewether Investment Management LP grew its holdings in First Solar by 993.4% during the 3rd quarter. Merewether Investment Management LP now owns 322,936 shares of the solar cell manufacturer’s stock valued at $80,553,000 after buying an additional 293,400 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in First Solar during the 3rd quarter valued at approximately $67,652,000. Finally, Handelsbanken Fonder AB grew its holdings in First Solar by 110.4% during the 4th quarter. Handelsbanken Fonder AB now owns 375,010 shares of the solar cell manufacturer’s stock valued at $66,092,000 after buying an additional 196,744 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.

First Solar Price Performance

Shares of NASDAQ FSLR opened at $139.13 on Friday. The business’s 50 day moving average price is $167.08 and its 200 day moving average price is $194.60. The firm has a market cap of $14.90 billion, a P/E ratio of 11.98, a P/E/G ratio of 0.19 and a beta of 1.52. First Solar, Inc. has a 52 week low of $124.96 and a 52 week high of $306.77. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. On average, sell-side analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current year.

Insider Buying and Selling at First Solar

In other news, CEO Mark R. Widmar sold 21,542 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 103,403 shares of the company’s stock, valued at $14,589,129.27. This represents a 17.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Kuntal Kumar Verma sold 7,475 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $136.60, for a total value of $1,021,085.00. Following the sale, the insider now owns 3,549 shares of the company’s stock, valued at $484,793.40. The trade was a 67.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on FSLR shares. Truist Financial reissued a “buy” rating and issued a $285.00 target price (down from $300.00) on shares of First Solar in a report on Wednesday, February 26th. Redburn Atlantic started coverage on First Solar in a research report on Monday, March 3rd. They issued a “neutral” rating for the company. Morgan Stanley lowered their price target on First Solar from $297.00 to $238.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. JPMorgan Chase & Co. decreased their target price on First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Finally, Barclays decreased their target price on First Solar from $273.00 to $236.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $262.08.

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.