Intech Investment Management LLC Boosts Stock Position in First Solar, Inc. (NASDAQ:FSLR)

Intech Investment Management LLC grew its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 2,577.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,595 shares of the solar cell manufacturer’s stock after buying an additional 102,614 shares during the period. Intech Investment Management LLC owned 0.10% of First Solar worth $18,786,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strengthening Families & Communities LLC purchased a new stake in shares of First Solar during the 3rd quarter worth approximately $25,000. Larson Financial Group LLC grew its position in First Solar by 214.0% in the 3rd quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock valued at $39,000 after acquiring an additional 107 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of First Solar by 31.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after buying an additional 63 shares in the last quarter. Crews Bank & Trust bought a new position in shares of First Solar during the 4th quarter worth $53,000. Finally, Hudson Edge Investment Partners Inc. bought a new position in shares of First Solar during the 4th quarter worth $53,000. Institutional investors own 92.08% of the company’s stock.

Insider Buying and Selling

In other news, CEO Mark R. Widmar sold 1,272 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $132.96, for a total transaction of $169,125.12. Following the sale, the chief executive officer now owns 109,000 shares in the company, valued at approximately $14,492,640. The trade was a 1.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Kuntal Kumar Verma sold 7,475 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the sale, the insider now owns 3,549 shares in the company, valued at approximately $484,793.40. This trade represents a 67.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,739 shares of company stock valued at $4,289,403 over the last three months. 0.58% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Truist Financial reiterated a “buy” rating and issued a $285.00 price target (down from $300.00) on shares of First Solar in a research note on Wednesday, February 26th. Roth Mkm reaffirmed a “buy” rating and issued a $280.00 price target on shares of First Solar in a research note on Wednesday, February 26th. Wells Fargo & Company reduced their target price on First Solar from $240.00 to $209.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Royal Bank of Canada dropped their price objective on First Solar from $280.00 to $251.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Finally, Deutsche Bank Aktiengesellschaft set a $265.00 price objective on First Solar in a research report on Thursday, February 27th. Four analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $262.08.

First Solar Stock Performance

NASDAQ FSLR opened at $133.03 on Tuesday. The company has a market capitalization of $14.24 billion, a PE ratio of 11.46, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The company has a 50-day simple moving average of $161.31 and a 200 day simple moving average of $190.44. First Solar, Inc. has a 52-week low of $124.96 and a 52-week high of $306.77.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($1.16). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. On average, research analysts predict that First Solar, Inc. will post 13.05 EPS for the current year.

First Solar Company Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.