RWC Asset Management LLP Sells 23,991 Shares of First Solar, Inc. $FSLR

RWC Asset Management LLP reduced its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 36.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 41,424 shares of the solar cell manufacturer’s stock after selling 23,991 shares during the period. RWC Asset Management LLP’s holdings in First Solar were worth $10,821,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Krane Funds Advisors LLC bought a new stake in First Solar during the 4th quarter worth approximately $1,750,000. Telemark Asset Management LLC bought a new stake in First Solar during the 4th quarter worth approximately $13,062,000. Dearborn Partners LLC bought a new stake in First Solar during the 4th quarter worth approximately $202,000. Cookson Peirce & Co. Inc. purchased a new position in shares of First Solar in the 4th quarter worth approximately $331,000. Finally, Vestcor Inc boosted its stake in shares of First Solar by 45.3% in the 4th quarter. Vestcor Inc now owns 3,207 shares of the solar cell manufacturer’s stock worth $838,000 after buying an additional 1,000 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FSLR has been the topic of a number of research analyst reports. Wolfe Research downgraded First Solar from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. The Goldman Sachs Group upped their price objective on First Solar from $300.00 to $310.00 in a research note on Friday, May 1st. Glj Research downgraded First Solar from a “buy” rating to a “hold” rating and dropped their price objective for the company from $314.43 to $207.82 in a research note on Wednesday, March 4th. JPMorgan Chase & Co. dropped their price objective on First Solar from $303.00 to $256.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. Finally, Deutsche Bank Aktiengesellschaft downgraded First Solar from a “buy” rating to a “hold” rating and dropped their price objective for the company from $300.00 to $245.00 in a research note on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $247.40.

Insider Buying and Selling at First Solar

In other First Solar news, CFO Alexander R. Bradley sold 498 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total transaction of $107,383.74. Following the sale, the chief financial officer owned 30,712 shares of the company’s stock, valued at $6,622,428.56. The trade was a 1.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mark R. Widmar sold 4,815 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $247.43, for a total transaction of $1,191,375.45. Following the sale, the chief executive officer directly owned 89,033 shares in the company, valued at $22,029,435.19. The trade was a 5.13% 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. Over the last three months, insiders have sold 61,426 shares of company stock worth $13,802,836. Company insiders own 0.39% of the company’s stock.

First Solar Stock Performance

Shares of FSLR stock opened at $279.01 on Monday. The company’s fifty day simple moving average is $224.60 and its two-hundred day simple moving average is $233.01. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15. First Solar, Inc. has a 1 year low of $135.50 and a 1 year high of $320.95. The stock has a market capitalization of $29.98 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 0.62 and a beta of 1.70.

First Solar (NASDAQ:FSLR) last issued its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the firm posted $1.95 EPS. The business’s revenue for the quarter was up 23.6% compared to the same quarter last year. As a group, analysts anticipate that First Solar, Inc. will post 17.61 earnings per share for the current year.

About First Solar

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.