Van ECK Associates Corp Sells 5,371 Shares of First Solar, Inc. (NASDAQ:FSLR)

Van ECK Associates Corp decreased its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 11.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 43,555 shares of the solar cell manufacturer’s stock after selling 5,371 shares during the period. Van ECK Associates Corp’s holdings in First Solar were worth $9,820,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Atlas Capital Advisors LLC lifted its position in First Solar by 411.1% during the second quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock worth $31,000 after acquiring an additional 111 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of First Solar during the first quarter worth approximately $25,000. University of Texas Texas AM Investment Managment Co. acquired a new stake in First Solar during the 4th quarter worth approximately $27,000. Summit Securities Group LLC bought a new stake in First Solar in the 2nd quarter valued at $36,000. Finally, Riverview Trust Co acquired a new position in First Solar in the 1st quarter valued at $32,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Stock Performance

Shares of First Solar stock opened at $227.37 on Tuesday. The company’s 50 day moving average price is $223.75 and its two-hundred day moving average price is $206.16. The firm has a market capitalization of $24.34 billion, a P/E ratio of 23.83, a P/E/G ratio of 0.38 and a beta of 1.44. First Solar, Inc. has a fifty-two week low of $129.21 and a fifty-two week high of $306.77. 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 (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, beating the consensus estimate of $2.69 by $0.56. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $939.71 million. During the same quarter last year, the business posted $1.85 EPS. First Solar’s revenue for the quarter was up 24.6% on a year-over-year basis. On average, equities analysts forecast that First Solar, Inc. will post 13.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FSLR shares. The Goldman Sachs Group boosted their target price on shares of First Solar from $268.00 to $302.00 and gave the company a “buy” rating in a research report on Tuesday, June 4th. JPMorgan Chase & Co. increased their target price 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. UBS Group raised their target price on shares of First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Susquehanna boosted their price target on First Solar from $258.00 to $285.00 and gave the company a “positive” rating in a research note on Wednesday, July 3rd. Finally, Piper Sandler raised their price objective on First Solar from $219.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Five equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $275.36.

Insider Activity

In other news, CAO Byron Michael Jeffers sold 1,766 shares of the company’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 value of $382,339.00. Following the completion of the transaction, the chief accounting officer now owns 500 shares of the company’s stock, valued at $108,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Byron Michael Jeffers sold 1,766 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total value of $382,339.00. Following the completion of the sale, the chief accounting officer now owns 500 shares in the company, valued at approximately $108,250. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,506 shares of company stock valued at $2,827,217. 0.58% of the stock is currently owned by corporate insiders.

About First Solar

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.