Krane Funds Advisors LLC Invests $1.75 Million in First Solar, Inc. $FSLR

Krane Funds Advisors LLC acquired a new position in First Solar, Inc. (NASDAQ:FSLR) during the 4th quarter, according to its most recent filing with the SEC. The fund acquired 6,700 shares of the solar cell manufacturer’s stock, valued at approximately $1,750,000.

Several other hedge funds have also recently added to or reduced their stakes in FSLR. Atlatl Advisers LLC acquired a new stake in First Solar in the 4th quarter worth about $1,697,000. Candriam S.C.A. increased its stake in shares of First Solar by 70.2% during the 3rd quarter. Candriam S.C.A. now owns 150,379 shares of the solar cell manufacturer’s stock valued at $33,163,000 after acquiring an additional 62,048 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of First Solar by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 13,721,979 shares of the solar cell manufacturer’s stock worth $3,026,108,000 after acquiring an additional 464,130 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of First Solar by 1,054.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 52,219 shares of the solar cell manufacturer’s stock worth $13,641,000 after acquiring an additional 47,695 shares during the period. Finally, Bornite Capital Management LP acquired a new stake in shares of First Solar in the third quarter worth approximately $22,053,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at First Solar

In other news, CEO Mark R. Widmar sold 9,926 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $233.21, for a total value of $2,314,842.46. Following the completion of the sale, the chief executive officer owned 95,148 shares of the company’s stock, valued at $22,189,465.08. This represents a 9.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kuntal Kumar Verma sold 582 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $250.00, for a total value of $145,500.00. Following the completion of the sale, the insider owned 4,967 shares of the company’s stock, valued at approximately $1,241,750. This trade represents a 10.49% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 61,426 shares of company stock valued at $13,802,836 over the last 90 days. Corporate insiders own 0.39% of the company’s stock.

First Solar Price Performance

First Solar stock opened at $279.01 on Monday. First Solar, Inc. has a 52-week low of $135.50 and a 52-week high of $320.95. The firm has a fifty day moving average of $224.60 and a 200-day moving average of $233.01. The firm has a market capitalization of $29.98 billion, a P/E ratio of 18.02, a PEG ratio of 0.62 and a beta of 1.70. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02.

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

Analysts Set New Price Targets

Several brokerages recently commented on FSLR. Robert W. Baird reaffirmed a “neutral” rating and set a $205.00 price target (down from $264.00) on shares of First Solar in a research report on Wednesday, February 25th. Royal Bank Of Canada lowered their price objective on shares of First Solar from $258.00 to $236.00 and set an “outperform” rating for the company in a research note on Wednesday, February 25th. Wells Fargo & Company dropped their price objective on First Solar from $285.00 to $255.00 and set an “overweight” rating for the company in a report on Thursday, February 26th. Weiss Ratings upgraded First Solar from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Freedom Capital upgraded First Solar from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $247.40.

First Solar Company 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.