Envestnet Asset Management Inc. Raises Stock Position in First Solar, Inc. $FSLR

Envestnet Asset Management Inc. lifted its stake in First Solar, Inc. (NASDAQ:FSLR) by 10.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,473 shares of the solar cell manufacturer’s stock after buying an additional 3,238 shares during the period. Envestnet Asset Management Inc.’s holdings in First Solar were worth $5,707,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cetera Investment Advisers boosted its position in shares of First Solar by 10.9% in the 1st quarter. Cetera Investment Advisers now owns 25,437 shares of the solar cell manufacturer’s stock valued at $3,216,000 after purchasing an additional 2,510 shares during the period. Raymond James Financial Inc. lifted its stake in First Solar by 57.2% in the first quarter. Raymond James Financial Inc. now owns 43,991 shares of the solar cell manufacturer’s stock valued at $5,562,000 after buying an additional 16,003 shares during the last quarter. Sumitomo Mitsui Financial Group Inc. boosted its holdings in shares of First Solar by 18.2% in the first quarter. Sumitomo Mitsui Financial Group Inc. now owns 101,659 shares of the solar cell manufacturer’s stock valued at $12,853,000 after acquiring an additional 15,656 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of First Solar by 49.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 63,251 shares of the solar cell manufacturer’s stock valued at $10,471,000 after acquiring an additional 20,884 shares during the period. Finally, Avanza Fonder AB purchased a new position in shares of First Solar during the second quarter worth approximately $1,221,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other First Solar news, Director Paul H. Stebbins sold 7,000 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $262.40, for a total transaction of $1,836,800.00. Following the sale, the director directly owned 15,287 shares in the company, valued at approximately $4,011,308.80. The trade was a 31.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael T. Sweeney sold 4,500 shares of the company’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $271.11, for a total transaction of $1,219,995.00. Following the transaction, the director directly owned 13,662 shares in the company, valued at approximately $3,703,904.82. This trade represents a 24.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 51,233 shares of company stock worth $13,434,249 in the last ninety days. 0.48% of the stock is owned by insiders.

First Solar Price Performance

Shares of NASDAQ:FSLR opened at $267.52 on Thursday. First Solar, Inc. has a 52 week low of $116.56 and a 52 week high of $281.55. The company has a 50-day moving average price of $230.76 and a 200 day moving average price of $191.07. The company has a market cap of $28.71 billion, a P/E ratio of 22.88, a PEG ratio of 0.46 and a beta of 1.51. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04.

First Solar (NASDAQ:FSLR) last issued its earnings results on Thursday, October 30th. The solar cell manufacturer reported $4.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.32 by ($0.08). First Solar had a return on equity of 15.57% and a net margin of 28.95%.The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.56 billion. During the same period last year, the company posted $2.91 earnings per share. The business’s quarterly revenue was up 79.7% on a year-over-year basis. First Solar has set its FY 2025 guidance at 14.000-15.000 EPS. Research analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FSLR has been the subject of several research reports. Wall Street Zen upgraded shares of First Solar from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Roth Capital set a $300.00 price objective on shares of First Solar in a research note on Friday, October 31st. Guggenheim increased their target price on shares of First Solar from $287.00 to $289.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Needham & Company LLC initiated coverage on First Solar in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $286.00 price target on the stock. Finally, Hsbc Global Res raised First Solar to a “strong-buy” rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $270.17.

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.