CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Acquires 24,000 Shares of First Solar, Inc. $FSLR

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in First Solar, Inc. (NASDAQ:FSLR) by 77.4% in the second quarter, Holdings Channel reports. The firm owned 55,000 shares of the solar cell manufacturer’s stock after buying an additional 24,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in First Solar were worth $9,105,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of First Solar by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 13,200,342 shares of the solar cell manufacturer’s stock worth $1,668,919,000 after purchasing an additional 378,641 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of First Solar by 17.2% in the 1st quarter. Wellington Management Group LLP now owns 2,765,303 shares of the solar cell manufacturer’s stock worth $349,617,000 after purchasing an additional 405,457 shares in the last quarter. Invesco Ltd. boosted its stake in shares of First Solar by 32.3% in the 1st quarter. Invesco Ltd. now owns 2,427,500 shares of the solar cell manufacturer’s stock worth $306,909,000 after buying an additional 592,444 shares during the last quarter. Samlyn Capital LLC grew its holdings in shares of First Solar by 6.3% in the first quarter. Samlyn Capital LLC now owns 1,741,794 shares of the solar cell manufacturer’s stock worth $220,215,000 after acquiring an additional 103,403 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of First Solar by 20.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,741,026 shares of the solar cell manufacturer’s stock worth $220,118,000 after acquiring an additional 290,112 shares during the period. Institutional investors own 92.08% of the company’s stock.

Insider Activity

In other news, CEO Mark R. Widmar sold 23,912 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $185.47, for a total transaction of $4,434,958.64. Following the transaction, the chief executive officer owned 87,978 shares of the company’s stock, valued at approximately $16,317,279.66. This represents a 21.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Nathan B. Theurer sold 686 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $182.03, for a total value of $124,872.58. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,315 shares of company stock valued at $6,021,305. 0.48% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FSLR shares. Royal Bank Of Canada lifted their price objective on First Solar from $188.00 to $200.00 and gave the stock an “outperform” rating in a report on Tuesday, July 1st. Guggenheim lifted their price objective on First Solar from $202.00 to $287.00 and gave the stock a “buy” rating in a report on Friday, August 22nd. Hsbc Global Res raised First Solar to a “strong-buy” rating in a report on Friday, August 1st. Susquehanna lifted their price objective on First Solar from $203.00 to $222.00 and gave the stock a “positive” rating in a report on Friday, August 1st. Finally, Bank of America lifted their price objective on First Solar from $185.00 to $201.00 and gave the stock a “buy” rating in a report on Tuesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $228.80.

First Solar Price Performance

NASDAQ:FSLR opened at $212.49 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.41 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $22.79 billion, a P/E ratio of 18.18, a P/E/G ratio of 0.42 and a beta of 1.40. First Solar, Inc. has a 12 month low of $116.56 and a 12 month high of $262.72. The business’s 50-day moving average is $191.68 and its 200 day moving average is $162.16.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.68 by $0.50. First Solar had a return on equity of 15.57% and a net margin of 28.95%.The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the business posted $3.25 earnings per share. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. On average, equities research analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

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.