First Solar, Inc. (NASDAQ:FSLR) Shares Sold by RWC Asset Management LLP

RWC Asset Management LLP cut its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 29.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 67,283 shares of the solar cell manufacturer’s stock after selling 27,729 shares during the quarter. RWC Asset Management LLP’s holdings in First Solar were worth $8,507,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FSLR. Garde Capital Inc. acquired a new stake in First Solar in the first quarter valued at $25,000. Larson Financial Group LLC lifted its holdings in First Solar by 591.9% in the first quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer’s stock valued at $32,000 after acquiring an additional 219 shares during the period. Abound Financial LLC acquired a new stake in First Solar in the first quarter valued at $45,000. Princeton Global Asset Management LLC acquired a new stake in First Solar in the first quarter valued at $51,000. Finally, Banque Transatlantique SA acquired a new stake in First Solar in the fourth quarter valued at $53,000. 92.08% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at First Solar

In related news, insider Michael Koralewski sold 2,951 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $158.21, for a total transaction of $466,877.71. Following the transaction, the insider directly owned 11,369 shares of the company’s stock, valued at approximately $1,798,689.49. The trade was a 20.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Patrick James Buehler sold 1,600 shares of the business’s stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $180.00, for a total value of $288,000.00. Following the transaction, the insider directly owned 4,398 shares in the company, valued at $791,640. This trade represents a 26.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,976 shares of company stock worth $2,515,172. 0.48% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on FSLR. Truist Financial reissued a “buy” rating and issued a $200.00 target price (down previously from $245.00) on shares of First Solar in a report on Thursday, May 1st. UBS Group reiterated a “positive” rating on shares of First Solar in a research report on Tuesday, July 8th. Morgan Stanley set a $223.00 price objective on shares of First Solar and gave the company an “overweight” rating in a research note on Wednesday, April 23rd. TD Cowen lowered their price objective on shares of First Solar from $275.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. Finally, Wall Street Zen cut shares of First Solar from a “hold” rating to a “sell” rating in a research note on Friday, May 2nd. Two analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $225.73.

First Solar Stock Up 2.5%

FSLR opened at $185.32 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.93 and a quick ratio of 1.39. The stock has a market capitalization of $19.87 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 0.36 and a beta of 1.52. The business has a 50-day moving average of $163.95 and a two-hundred day moving average of $153.39. First Solar, Inc. has a 12 month low of $116.56 and a 12 month high of $262.72.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.55). First Solar had a return on equity of 16.32% and a net margin of 29.72%. The firm had revenue of $844.57 million for the quarter, compared to analysts’ expectations of $863.11 million. During the same quarter in the previous year, the firm posted $2.20 EPS. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, research analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current 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.