Telemark Asset Management LLC Makes New $13.06 Million Investment in First Solar, Inc. $FSLR

Telemark Asset Management LLC bought a new position in shares of First Solar, Inc. (NASDAQ:FSLR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 50,000 shares of the solar cell manufacturer’s stock, valued at approximately $13,062,000. First Solar accounts for 1.3% of Telemark Asset Management LLC’s portfolio, making the stock its 27th largest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dearborn Partners LLC bought a new stake in First Solar during the 4th quarter worth approximately $202,000. Cookson Peirce & Co. Inc. bought a new stake in First Solar during the 4th quarter worth approximately $331,000. Vestcor Inc raised its stake in First Solar by 45.3% during the 4th quarter. Vestcor Inc now owns 3,207 shares of the solar cell manufacturer’s stock worth $838,000 after acquiring an additional 1,000 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its stake in First Solar by 24.5% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 48,595 shares of the solar cell manufacturer’s stock worth $12,694,000 after acquiring an additional 9,558 shares during the period. Finally, Prudential PLC raised its stake in First Solar by 11.0% during the 4th quarter. Prudential PLC now owns 15,509 shares of the solar cell manufacturer’s stock worth $4,051,000 after acquiring an additional 1,542 shares during the period. Institutional investors own 92.08% of the company’s stock.

Insider Transactions at First Solar

In related news, CEO Mark R. Widmar sold 9,926 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $233.21, for a total value of $2,314,842.46. Following the completion of the transaction, the chief executive officer directly owned 95,148 shares of the company’s stock, valued at approximately $22,189,465.08. This trade represents a 9.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Jason E. Dymbort sold 9,022 shares of the firm’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $199.62, for a total transaction of $1,800,971.64. Following the completion of the transaction, the general counsel directly owned 9,850 shares of the company’s stock, valued at approximately $1,966,257. This trade represents a 47.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 76,480 shares of company stock valued at $16,668,515 in the last 90 days. Company insiders own 0.39% of the company’s stock.

First Solar Trading Down 11.4%

First Solar stock opened at $279.01 on Friday. The stock has a market cap of $29.98 billion, a P/E ratio of 18.02, a PEG ratio of 0.62 and a beta of 1.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15. First Solar, Inc. has a 1 year low of $135.50 and a 1 year high of $320.95. The firm’s 50 day moving average price is $224.60 and its 200-day moving average price is $233.15.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $0.35. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The company’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.95 earnings per share. On average, equities analysts predict that First Solar, Inc. will post 17.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FSLR shares. Freedom Capital upgraded shares of First Solar from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. TD Cowen decreased their target price on shares of First Solar from $320.00 to $253.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Glj Research cut shares of First Solar from a “buy” rating to a “hold” rating and reduced their price objective for the company from $314.43 to $207.82 in a research report on Wednesday, March 4th. Evercore lifted their price objective on shares of First Solar from $212.00 to $219.00 in a research report on Monday, May 4th. Finally, Needham & Company LLC lifted their price objective on shares of First Solar from $286.00 to $303.00 and gave the company a “buy” rating in a research report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $247.40.

About First Solar

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.