Tidal Investments LLC Purchases 30,967 Shares of First Solar, Inc. $FSLR

Tidal Investments LLC increased its holdings in First Solar, Inc. (NASDAQ:FSLR) by 100.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 61,768 shares of the solar cell manufacturer’s stock after acquiring an additional 30,967 shares during the quarter. Tidal Investments LLC’s holdings in First Solar were worth $14,575,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Reflection Asset Management purchased a new stake in shares of First Solar in the 4th quarter worth approximately $26,000. Commonwealth Retirement Investments LLC purchased a new position in First Solar during the fourth quarter valued at approximately $26,000. Larson Financial Group LLC raised its stake in First Solar by 117.0% in the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer’s stock worth $27,000 after buying an additional 55 shares in the last quarter. Elyxium Wealth LLC bought a new position in First Solar in the fourth quarter worth approximately $30,000. Finally, MV Capital Management Inc. purchased a new stake in First Solar during the fourth quarter worth $30,000. 92.08% of the stock is currently owned by institutional investors.

Insider Activity at First Solar

In other First Solar news, General Counsel Jason E. Dymbort sold 3,700 shares of First Solar stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $249.38, for a total transaction of $922,706.00. Following the completion of the sale, the general counsel owned 5,624 shares of the company’s stock, valued at approximately $1,402,513.12. The trade was a 39.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 800 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $200.00, for a total value of $160,000.00. Following the sale, the chief technology officer owned 5,842 shares in the company, valued at approximately $1,168,400. The trade was a 12.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 15,881 shares of company stock valued at $3,617,086. 0.39% of the stock is currently owned by corporate insiders.

First Solar Stock Up 2.0%

Shares of First Solar stock opened at $207.17 on Friday. The company has a 50 day moving average price of $216.82 and a 200 day moving average price of $221.83. The firm has a market capitalization of $22.26 billion, a P/E ratio of 12.77, a PEG ratio of 0.54 and a beta of 1.74. First Solar, Inc. has a 52 week low of $182.99 and a 52 week high of $320.95.

First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share for the quarter, topping the consensus estimate of $2.90 by $1.02. First Solar had a net margin of 32.47% and a return on equity of 18.02%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the previous year, the firm earned $3.18 EPS. First Solar’s revenue was down 3.4% compared to the same quarter last year. As a group, research analysts anticipate that First Solar, Inc. will post 17.77 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Morgan Stanley lifted their price target on First Solar from $245.00 to $323.00 and gave the company an “overweight” rating in a report on Tuesday, August 18th. Evercore reaffirmed a “positive” rating and set a $218.00 price objective on shares of First Solar in a research report on Monday, August 17th. Truist Financial reiterated a “hold” rating and issued a $229.00 target price (down from $249.00) on shares of First Solar in a research note on Friday, July 31st. Raymond James Financial assumed coverage on shares of First Solar in a report on Thursday, August 27th. They issued a “market perform” rating for the company. Finally, Sanford C. Bernstein decreased their price target on shares of First Solar from $217.00 to $197.00 and set an “underperform” rating for the company in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, First Solar has an average rating of “Moderate Buy” and an average target price of $266.06.

About First Solar

First Solar, Inc is a renewable energy technology company that designs and manufactures photovoltaic (PV) solar modules. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe). The company also provides supporting services, including project development, engineering, procurement and construction support, operations and maintenance, and module recycling.

First Solar primarily serves utility-scale solar developers, system owners and operators, commercial customers, and government entities.