GAMMA Investing LLC Has $25.91 Million Position in First Solar, Inc. (NASDAQ:FSLR)

GAMMA Investing LLC lifted its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 8,992.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 204,943 shares of the solar cell manufacturer’s stock after purchasing an additional 202,689 shares during the quarter. GAMMA Investing LLC owned 0.19% of First Solar worth $25,911,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in shares of First Solar by 665.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 39,192 shares of the solar cell manufacturer’s stock worth $7,308,000 after purchasing an additional 34,074 shares during the period. Paragon Capital Management Inc. acquired a new stake in First Solar in the 4th quarter valued at approximately $1,240,000. RWC Asset Management LLP acquired a new stake in First Solar in the 4th quarter valued at approximately $16,745,000. Bank of New York Mellon Corp raised its position in First Solar by 9.9% in the 4th quarter. Bank of New York Mellon Corp now owns 711,688 shares of the solar cell manufacturer’s stock valued at $125,428,000 after buying an additional 63,820 shares during the last quarter. Finally, Ethic Inc. raised its position in First Solar by 34.2% in the 4th quarter. Ethic Inc. now owns 17,807 shares of the solar cell manufacturer’s stock valued at $3,138,000 after buying an additional 4,542 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Price Performance

First Solar stock opened at $159.81 on Thursday. First Solar, Inc. has a 52-week low of $116.56 and a 52-week high of $306.77. The company has a market cap of $17.14 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 0.19 and a beta of 1.46. 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 firm’s fifty day moving average is $142.44 and its 200 day moving average is $160.01.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results 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). The company had revenue of $844.57 million during the quarter, compared to analysts’ expectations of $863.11 million. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.20 EPS. Sell-side analysts forecast that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Solar news, insider Michael Koralewski sold 2,951 shares of the company’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $158.21, for a total value of $466,877.71. Following the transaction, the insider now owns 11,369 shares of the company’s stock, valued at $1,798,689.49. This represents a 20.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Patrick James Buehler sold 1,868 shares of the company’s stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $149.08, for a total transaction of $278,481.44. Following the completion of the transaction, the insider now directly owns 5,998 shares in the company, valued at $894,181.84. The trade was a 23.75% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,670 shares of company stock valued at $2,933,884. 0.48% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FSLR has been the topic of a number of recent research reports. Glj Research raised First Solar from a “hold” rating to a “buy” rating and set a $172.37 target price on the stock in a research report on Thursday, May 1st. The Goldman Sachs Group raised their price target on First Solar from $204.00 to $255.00 and gave the company a “buy” rating in a research note on Monday, May 19th. Susquehanna decreased their price target on First Solar from $223.00 to $217.00 and set a “positive” rating for the company in a research note on Monday, April 14th. UBS Group restated a “buy” rating and issued a $255.00 price target on shares of First Solar in a research note on Wednesday, May 14th. Finally, Deutsche Bank Aktiengesellschaft set a $265.00 price target on First Solar in a research note on Thursday, February 27th. Two 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $227.94.

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.