Princeton Global Asset Management LLC Takes Position in First Solar, Inc. (NASDAQ:FSLR)

Princeton Global Asset Management LLC acquired a new stake in First Solar, Inc. (NASDAQ:FSLR) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 400 shares of the solar cell manufacturer’s stock, valued at approximately $51,000.

A number of other institutional investors also recently made changes to their positions in FSLR. Allspring Global Investments Holdings LLC boosted its position in First Solar by 665.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 39,192 shares of the solar cell manufacturer’s stock valued at $7,308,000 after buying an additional 34,074 shares during the period. RWC Asset Management LLP purchased a new stake in First Solar during the 4th quarter valued at $16,745,000. Bank of New York Mellon Corp boosted its position in First Solar by 9.9% during 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 period. Ethic Inc. boosted its position in First Solar by 34.2% during 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 period. Finally, Mader & Shannon Wealth Management Inc. boosted its position in First Solar by 69.7% during the 4th quarter. Mader & Shannon Wealth Management Inc. now owns 14,363 shares of the solar cell manufacturer’s stock valued at $2,531,000 after buying an additional 5,897 shares during the period. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Stock Up 1.5%

NASDAQ:FSLR opened at $166.35 on Friday. The firm has a market cap of $17.84 billion, a P/E ratio of 14.33, a P/E/G ratio of 0.19 and a beta of 1.53. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. First Solar, Inc. has a fifty-two week low of $116.56 and a fifty-two week high of $306.77. The firm has a 50-day simple moving average of $143.96 and a two-hundred day simple moving average of $159.47.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.55). The firm had revenue of $844.57 million for the quarter, compared to the consensus estimate of $863.11 million. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.20 earnings per share. Analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FSLR shares. Citigroup dropped their price target on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Guggenheim dropped their price target on shares of First Solar from $253.00 to $202.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Jefferies Financial Group restated a “hold” rating and issued a $157.00 price objective (up from $127.00) on shares of First Solar in a report on Thursday, May 22nd. Wall Street Zen lowered shares of First Solar from a “hold” rating to a “sell” rating in a report on Friday, May 2nd. Finally, TD Cowen decreased their price objective on shares of First Solar from $275.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $227.94.

Insider Buying and Selling at First Solar

In other First Solar news, CTO Markus Gloeckler sold 9,557 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the completion of the sale, the chief technology officer now directly owns 8,037 shares in the company, valued at approximately $1,246,136.85. This trade represents a 54.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Georges Antoun sold 229 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $30,628.75. Following the sale, the insider now directly owns 52,836 shares in the company, valued at approximately $7,066,815. The trade was a 0.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,948 shares of company stock worth $2,704,927. 0.48% of the stock is 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.