abrdn plc Increases Stock Position in First Solar, Inc. (NASDAQ:FSLR)

abrdn plc raised its holdings in First Solar, Inc. (NASDAQ:FSLR) by 15.0% during the 3rd quarter, Holdings Channel reports. The firm owned 436,198 shares of the solar cell manufacturer’s stock after purchasing an additional 56,790 shares during the quarter. abrdn plc’s holdings in First Solar were worth $110,253,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Welch Group LLC purchased a new stake in shares of First Solar in the third quarter valued at about $222,000. FCG Investment Co purchased a new position in shares of First Solar during the third quarter valued at approximately $1,084,000. L. Roy Papp & Associates LLP lifted its stake in shares of First Solar by 14.2% during the third quarter. L. Roy Papp & Associates LLP now owns 1,605 shares of the solar cell manufacturer’s stock valued at $400,000 after buying an additional 200 shares during the period. State of Alaska Department of Revenue lifted its stake in shares of First Solar by 6.8% during the third quarter. State of Alaska Department of Revenue now owns 12,434 shares of the solar cell manufacturer’s stock valued at $3,101,000 after buying an additional 795 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its stake in shares of First Solar by 4.7% during the third quarter. DekaBank Deutsche Girozentrale now owns 524,203 shares of the solar cell manufacturer’s stock valued at $134,476,000 after buying an additional 23,393 shares during the period. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Stock Performance

Shares of FSLR opened at $205.03 on Tuesday. The firm’s 50 day moving average is $223.59 and its 200-day moving average is $223.99. The stock has a market capitalization of $21.95 billion, a P/E ratio of 21.49, a P/E/G ratio of 0.34 and a beta of 1.44. 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.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS 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 company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $939.71 million. During the same period last year, the company posted $1.85 earnings per share. The business’s revenue for the quarter was up 24.6% on a year-over-year basis. Equities research analysts anticipate that First Solar, Inc. will post 13.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FSLR shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $315.00 price target on shares of First Solar in a research report on Wednesday, July 31st. Barclays upped their price target on shares of First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. upped their price target on shares of First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Janney Montgomery Scott raised shares of First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price objective for the company in a research report on Tuesday. Finally, Clarkson Capital started coverage on shares of First Solar in a research report on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $289.46.

Insiders Place Their Bets

In related news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the sale, the chief accounting officer now directly owns 500 shares in the company, valued at approximately $108,250. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the sale, the chief accounting officer now owns 500 shares of the company’s stock, valued at approximately $108,250. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,885 shares of company stock worth $2,405,757 over the last ninety days. 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.