Summit Partners Public Asset Management LLC Has $26.12 Million Stake in First Solar, Inc. $FSLR

Summit Partners Public Asset Management LLC raised its position in First Solar, Inc. (NASDAQ:FSLR) by 66.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 100,000 shares of the solar cell manufacturer’s stock after purchasing an additional 40,000 shares during the quarter. Summit Partners Public Asset Management LLC’s holdings in First Solar were worth $26,123,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of FSLR. Atlatl Advisers LLC bought a new stake in First Solar during the fourth quarter worth about $1,697,000. Vanguard Group Inc. raised its holdings in First Solar by 3.5% during the third 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 in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in First Solar by 1,054.3% during the fourth 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 in the last quarter. Lee Johnson Capital Management LLC bought a new stake in First Solar during the fourth quarter worth about $5,304,000. Finally, Bornite Capital Management LP bought a new stake in First Solar during the third quarter worth about $22,053,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Price Performance

First Solar stock opened at $264.36 on Wednesday. First Solar, Inc. has a 12 month low of $135.50 and a 12 month high of $320.95. The stock’s 50 day moving average is $234.90 and its 200-day moving average is $233.51. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $28.41 billion, a price-to-earnings ratio of 17.08, a PEG ratio of 0.60 and a beta of 1.71.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft lowered First Solar from a “buy” rating to a “hold” rating and dropped their target price for the stock from $300.00 to $245.00 in a report on Wednesday, February 25th. Glj Research lowered First Solar from a “buy” rating to a “hold” rating and dropped their target price for the stock from $314.43 to $207.82 in a report on Wednesday, March 4th. HSBC upped their target price on First Solar from $211.00 to $231.00 and gave the stock a “hold” rating in a report on Tuesday, May 5th. Morgan Stanley lowered their price target on First Solar from $275.00 to $230.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 28th. Finally, The Goldman Sachs Group boosted their price target on First Solar from $300.00 to $310.00 in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, First Solar currently has an average rating of “Moderate Buy” and a consensus price target of $250.99.

Insiders Place Their Bets

In related news, insider Kuntal Kumar Verma sold 582 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $250.00, for a total value of $145,500.00. Following the completion of the sale, the insider directly owned 4,967 shares in the company, valued at approximately $1,241,750. The trade was a 10.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 420 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total value of $90,564.60. Following the completion of the sale, the chief technology officer owned 10,896 shares of the company’s stock, valued at approximately $2,349,504.48. This trade represents a 3.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 32,466 shares of company stock valued at $8,014,105 in the last quarter. Company insiders own 0.39% of the company’s stock.

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.