Axa S.A. Lowers Holdings in First Solar, Inc. (NASDAQ:FSLR)

Axa S.A. reduced its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 69.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,233 shares of the solar cell manufacturer’s stock after selling 84,135 shares during the period. Axa S.A.’s holdings in First Solar were worth $8,169,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Caxton Associates LP raised its stake in First Solar by 651.8% during the second quarter. Caxton Associates LP now owns 10,705 shares of the solar cell manufacturer’s stock worth $2,414,000 after purchasing an additional 9,281 shares during the period. Kingfisher Capital LLC grew its position in First Solar by 1.1% during the second quarter. Kingfisher Capital LLC now owns 17,032 shares of the solar cell manufacturer’s stock valued at $3,840,000 after acquiring an additional 187 shares during the period. Merewether Investment Management LP purchased a new stake in First Solar during the second quarter valued at about $6,659,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in First Solar during the second quarter worth about $1,594,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of First Solar in the 2nd quarter worth about $5,568,000. 92.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on FSLR. Truist Financial started coverage on shares of First Solar in a research report on Thursday. They set a “buy” rating and a $300.00 target price for the company. Morgan Stanley raised their target price on shares of First Solar from $248.00 to $331.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Bank of America raised their price objective on First Solar from $320.00 to $343.00 and gave the company a “buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group upped their target price on First Solar from $268.00 to $302.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $315.00 target price on shares of First Solar in a report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Solar currently has an average rating of “Moderate Buy” and an average price target of $284.12.

First Solar Stock Performance

Shares of FSLR opened at $255.75 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65. First Solar, Inc. has a 12-month low of $129.21 and a 12-month high of $306.77. The business’s fifty day moving average price is $225.51 and its 200 day moving average price is $216.19. The stock has a market capitalization of $27.38 billion, a PE ratio of 26.81, a price-to-earnings-growth ratio of 0.42 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping the consensus estimate of $2.69 by $0.56. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $939.71 million. During the same quarter in the prior year, the business earned $1.85 earnings per share. First Solar’s quarterly revenue was up 24.6% on a year-over-year basis. Equities research analysts forecast that First Solar, Inc. will post 13.62 EPS for the current year.

Insider Transactions at First Solar

In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $220.00, for a total value of $110,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Byron Michael Jeffers sold 500 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $220.00, for a total value of $110,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,885 shares of company stock worth $2,405,757. 0.58% of the stock is currently owned by company insiders.

First Solar 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.