Patriot Financial Group Insurance Agency LLC Purchases New Position in First Solar, Inc. $FSLR

Patriot Financial Group Insurance Agency LLC acquired a new position in shares of First Solar, Inc. (NASDAQ:FSLR) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,588 shares of the solar cell manufacturer’s stock, valued at approximately $511,000.

Several other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in shares of First Solar in the fourth quarter valued at approximately $392,040,000. Viking Global Investors LP increased its holdings in First Solar by 60.6% during the 2nd quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer’s stock valued at $375,122,000 after purchasing an additional 854,919 shares in the last quarter. Polar Capital Holdings Plc bought a new position in First Solar in the 4th quarter valued at $200,109,000. Lightrock Netherlands B.V. raised its position in First Solar by 2,663.8% in the 4th quarter. Lightrock Netherlands B.V. now owns 666,307 shares of the solar cell manufacturer’s stock valued at $174,059,000 after purchasing an additional 642,199 shares during the last quarter. Finally, Amundi boosted its stake in First Solar by 38.6% in the third quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer’s stock worth $459,917,000 after purchasing an additional 564,032 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

Key First Solar News

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: First Solar continues to be highlighted for its long-term growth potential, including U.S. manufacturing expansion, a strong backlog, and leadership in thin-film CdTe solar technology. Can First Solar’s Manufacturing Expansion Drive Long-Term Growth?
• Positive Sentiment: The company is also drawing attention for strengthening its module recycling efforts, reinforcing its sustainability strategy and lifecycle leadership in solar. How Is First Solar Strengthening Its Module Recycling Leadership?
• Neutral Sentiment: Several articles note that First Solar is a trending stock, reflecting elevated investor interest rather than a clear new fundamental catalyst. First Solar, Inc. (FSLR) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest drag on sentiment is a cluster of class-action lawsuit notices and lead-plaintiff deadline reminders from multiple law firms, which can raise concerns about alleged investor harm and legal overhang. Deadline Approaching: First Solar, Inc. (FSLR) Shareholders Who Lost Money Urged to Contact Law Offices of Howard G. Smith
• Negative Sentiment: Additional lawsuits and investor alerts from firms including Bronstein, Gewirtz & Grossman, Levi & Korsinsky, Faruqi & Faruqi, Rosen, Pomerantz, the Schall Law Firm, and others add to the legal noise around the stock. Bronstein, Gewirtz & Grossman LLC Urges First Solar, Inc. Investors to Act: Class Action Filed Alleging Investor Harm

First Solar Stock Performance

Shares of First Solar stock opened at $232.08 on Thursday. The firm has a fifty day moving average of $246.09 and a two-hundred day moving average of $232.33. The stock has a market capitalization of $24.94 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 0.52 and a beta of 1.74. First Solar, Inc. has a 52 week low of $159.85 and a 52 week high of $320.95. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.56.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $0.35. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the company earned $1.95 EPS. The firm’s revenue was up 23.6% on a year-over-year basis. As a group, equities research analysts predict that First Solar, Inc. will post 17.61 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Evercore increased their target price on First Solar from $212.00 to $219.00 in a report on Monday, May 4th. Barclays reduced their price target on shares of First Solar from $228.00 to $213.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. UBS Group increased their price objective on shares of First Solar from $290.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. Zacks Research upgraded shares of First Solar from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Finally, The Goldman Sachs Group raised their price objective on shares of First Solar from $300.00 to $310.00 in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $249.78.

Insider Activity

In other news, CEO Mark R. Widmar sold 9,926 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $233.21, for a total transaction of $2,314,842.46. Following the completion of the transaction, the chief executive officer directly owned 95,148 shares in the company, valued at approximately $22,189,465.08. The trade was a 9.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alexander R. Bradley sold 498 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total value of $107,383.74. Following the completion of the sale, the chief financial officer directly owned 30,712 shares of the company’s stock, valued at approximately $6,622,428.56. This trade represents a 1.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 32,466 shares of company stock valued at $8,014,105. Insiders own 0.39% of the company’s stock.

First Solar Profile

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.