DNB Asset Management AS, a prominent institutional investor, recently decided to reduce its stake in First Solar, Inc. (NASDAQ:FSLR) by 1.8% during the second quarter of this year. This information was disclosed in the company’s latest Form 13F filing with the Securities and Exchange Commission. Following this transaction, DNB Asset Management AS now owns a total of 64,011 shares of First Solar’s stock, having sold 1,154 shares over the course of the quarter. As of its most recent filing with the Securities and Exchange Commission, DNB Asset Management AS holds approximately 0.06% of First Solar, which is valued at $12,168,000.
First Solar is a well-known solar cell manufacturer that operates within the renewable energy sector. The company’s shares opened at $162.45 as of September 24, 2023. With a market capitalization of $17.35 billion and a price-to-earnings ratio of 111.27, it stands as a significant player in its industry. Additionally, it has a beta value of 1.40.
Over the past fifty days leading up to September 24th, First Solar has maintained an average stock price of $188.38 based on its moving average calculations. Looking at a longer period of two hundred days from its moving average analysis, the company recorded an average stock price of $195.67.
First Solar demonstrates strong financial health with its debt-to-equity ratio currently standing at an enviable level of only 0.07 . Moreover, it also boasts healthy liquidity ratios such as a quick ratio of 2.66 and current ratio of 3.36 – indicating that it has sufficient current assets to cover its short-term liabilities.
In terms of historical performance within the stock market, First Solar experienced fluctuations throughout the year preceding September 24th.The company saw its lowest stock price at $115.66, while reaching its highest point at $232.00 within a span of one year.
With DNB Asset Management AS reducing its position in First Solar and the company’s stock price fluctuating over the past year, it is certainly a critical time for investors to keep a close watch on the developments within the renewable energy sector. As the solar industry continues to grow and evolve, market participants will likely seek ways to navigate the ever-changing landscape of this burgeoning market segment.
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Institutional Investors Increase Holdings in First Solar, Inc. as Company Reports Positive Earnings and Analysts’ Upgrades
First Solar, Inc. (NASDAQ:FSLR) recently grabbed the attention of various institutional investors and saw some modifications in their holdings of the solar cell manufacturer’s stock. FMR LLC, for instance, increased its stake in First Solar by 77.9% during the first quarter, now owning a total of 4,786,315 shares valued at $1,041,024,000. This was after purchasing an additional 2,096,612 shares in the last quarter.
Norges Bank also entered into a new position in First Solar during the fourth quarter of 2022 with a value of approximately $213,049,000. Renaissance Technologies LLC boosted its stake significantly by 1,385,912 shares to a total of 1,518,401 shares valued at $227,441,000 during the same period.
Goldman Sachs Group Inc. also made moves by increasing its stake in First Solar by 197.8% during the first quarter. They now own 1,336,038 shares valued at $111,880,000 after acquiring an additional 887,443 shares.
Geode Capital Management LLC raised its stake by 55.7% during the fourth quarter as they added an extra 780-028 shares. They now hold a total of 2,-180,-340 shares valued at $326,-050.-000.
Institutional investors and hedge funds currently own approximately 82.-08% of First Solar’s stock.
Moving on to other news related to First Solar; Director R Craig Kennedy made two separate transactions on Monday Augus.t-7th., selling off a total of -3-0-,0-00 share-s produc-ing ]:_289,/3.-8-0-.0[‘in sales valuem The average price per share was $192.-92-. In connection with these transactions,. he now owns -16-‘,600 sha-res valuing $3,-202-472 in the company.
Another insider, Georges Antoun, sold 12-346 shares on Monday August .14th at an average price of $202.89 per share. The total value of the sale reached $2,-504,879.-94-. As a result, he now holds -142841 slogans——————————-‘———– In total, corporate insiders have sold approximately 34,-452 shares of First Solar stock over the last three months. This represents roughly 0.58% of the entire stock currently owned by corporate insiders.
First Solar announced its quarterly earnings data on Thursday July 27th with positive results. The solar cell manufacturer reported earnings per share (EPS) of $1,-85-, exceeding analysts’- consensus estimates of $0,-95- by an impressive margin of -$0.-90-. Additionally, First Solar showcased a net margin of 5.-23% and a solid return on equity of 3.-13%. Its revenue for the quarter reached $810.67 million, surpassing the consensus estimate set at $720.43 million.
Analysts have also been keeping a close eye on First Solar and have published various reports regarding their sentiment towards the company’s performance and potential. Bank of America upgraded its rating from “neutral” to “buy”, while increasing its price objective from $202 to $283.
Susquehanna also issued an upbeat report, raising their target price on First Solar from $225 to $261 and giving it a “positive” rating. StockNews.com initiated coverage on the company with a “hold” rating, while Oppenheimer raised their target price from $262 to $268 and gave it an “outperform” rating.
Overall, eight investment analysts hold a neutral rating for First Solar’s stock, while sixteen rate it as a buy. Based on data compiled by Bloomberg.com, the general consensus among these analysts is a “Moderate Buy” rating with an average target price of $233.38.
First Solar continues to captivate investors and analysts alike with its robust performance, strong financials, and positive outlook for the future. As the solar industry grows rapidly, First Solar stands at the forefront, poised for further success in the years to come.
