Mirae Asset Global Investments Co. Ltd. Raises Stock Position in First Solar, Inc. $FSLR

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 22.0% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 77,155 shares of the solar cell manufacturer’s stock after acquiring an additional 13,904 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.07% of First Solar worth $17,015,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of FSLR. SFE Investment Counsel raised its stake in First Solar by 9.1% during the second quarter. SFE Investment Counsel now owns 69,810 shares of the solar cell manufacturer’s stock worth $11,556,000 after purchasing an additional 5,852 shares during the period. Atlantic Union Bankshares Corp purchased a new stake in shares of First Solar during the 2nd quarter valued at approximately $1,323,000. State Street Corp lifted its holdings in First Solar by 2.1% in the second quarter. State Street Corp now owns 5,326,082 shares of the solar cell manufacturer’s stock valued at $881,680,000 after acquiring an additional 111,927 shares during the last quarter. Greenup Street Wealth Management LLC purchased a new position in First Solar in the third quarter worth approximately $2,147,000. Finally, Belpointe Asset Management LLC acquired a new stake in First Solar during the third quarter worth $1,193,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

Insider Buying and Selling

In other First Solar news, Director Michael T. Sweeney sold 4,500 shares of the stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $271.11, for a total value of $1,219,995.00. Following the sale, the director directly owned 13,662 shares of the company’s stock, valued at approximately $3,703,904.82. This represents a 24.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Georges Antoun sold 37,412 shares of the firm’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $265.01, for a total transaction of $9,914,554.12. Following the completion of the sale, the insider owned 15,424 shares in the company, valued at $4,087,514.24. The trade was a 70.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 48,912 shares of company stock worth $12,971,349. Company insiders own 0.48% of the company’s stock.

First Solar Stock Performance

Shares of FSLR stock opened at $225.52 on Friday. The firm has a 50 day moving average of $255.74 and a two-hundred day moving average of $229.47. The stock has a market capitalization of $24.20 billion, a PE ratio of 17.32, a P/E/G ratio of 0.29 and a beta of 1.60. The company has a quick ratio of 1.55, a current ratio of 1.91 and a debt-to-equity ratio of 0.03. First Solar, Inc. has a 52 week low of $116.56 and a 52 week high of $285.99.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, October 30th. The solar cell manufacturer reported $4.24 earnings per share for the quarter, missing analysts’ consensus estimates of $4.32 by ($0.08). The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.56 billion. First Solar had a return on equity of 16.61% and a net margin of 27.73%.The firm’s revenue was up 79.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.91 EPS. On average, research analysts predict that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Analyst Ratings Changes

FSLR has been the topic of several recent analyst reports. Robert W. Baird upped their price target on First Solar from $240.00 to $264.00 and gave the company an “outperform” rating in a research note on Monday, October 13th. KeyCorp reaffirmed an “overweight” rating on shares of First Solar in a research report on Friday, October 31st. Wells Fargo & Company lifted their price target on shares of First Solar from $270.00 to $285.00 and gave the company an “overweight” rating in a research report on Friday, December 19th. TD Cowen boosted their price target on shares of First Solar from $260.00 to $320.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Finally, Needham & Company LLC started coverage on shares of First Solar in a report on Wednesday, October 22nd. They issued a “buy” rating and a $286.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $275.94.

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.