Panagora Asset Management Inc. Sells 1,456 Shares of First Solar, Inc. (NASDAQ:FSLR)

Panagora Asset Management Inc. decreased its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 50.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,412 shares of the solar cell manufacturer’s stock after selling 1,456 shares during the period. Panagora Asset Management Inc.’s holdings in First Solar were worth $318,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of First Solar by 6.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock valued at $43,749,000 after buying an additional 15,430 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of First Solar by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock worth $20,434,000 after purchasing an additional 20,465 shares in the last quarter. Northern Trust Corp increased its position in shares of First Solar by 1.7% in the fourth quarter. Northern Trust Corp now owns 1,020,527 shares of the solar cell manufacturer’s stock worth $175,816,000 after purchasing an additional 16,756 shares during the period. Legend Financial Advisors Inc. acquired a new position in First Solar in the first quarter valued at about $759,000. Finally, Burford Brothers Inc. bought a new stake in First Solar during the fourth quarter worth about $3,539,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

Insiders Place Their Bets

In related news, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at $769,896. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the sale, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kuntal Kumar Verma sold 1,621 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $260.00, for a total value of $421,460.00. Following the completion of the sale, the insider now directly owns 3,549 shares of the company’s stock, valued at approximately $922,740. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,506 shares of company stock worth $2,827,217. Corporate insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on FSLR shares. BMO Capital Markets dropped their target price on shares of First Solar from $311.00 to $286.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Clarkson Capital assumed coverage on First Solar in a research note on Wednesday, August 14th. They set a “buy” rating and a $270.00 target price for the company. Deutsche Bank Aktiengesellschaft lifted their price target on First Solar from $215.00 to $280.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Piper Sandler raised their price objective on First Solar from $219.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Finally, Barclays boosted their target price on First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $275.36.

First Solar Trading Up 1.3 %

FSLR opened at $215.40 on Thursday. The stock has a market cap of $23.06 billion, a PE ratio of 22.58, a price-to-earnings-growth ratio of 0.38 and a beta of 1.44. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. First Solar, Inc. has a twelve month low of $129.21 and a twelve month high of $306.77. The company has a fifty day moving average of $222.22 and a 200-day moving average of $206.62.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping the consensus estimate of $2.69 by $0.56. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $939.71 million. During the same period last year, the company posted $1.85 EPS. The business’s quarterly revenue was up 24.6% on a year-over-year basis. On average, sell-side analysts predict that First Solar, Inc. will post 13.58 EPS for the current year.

First Solar 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.