Prudential PLC Trims Holdings in First Solar, Inc. (NASDAQ:FSLR)

Prudential PLC decreased its holdings in First Solar, Inc. (NASDAQ:FSLR) by 4.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,955 shares of the solar cell manufacturer’s stock after selling 1,140 shares during the period. Prudential PLC’s holdings in First Solar were worth $5,852,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dixon Mitchell Investment Counsel Inc. purchased a new stake in First Solar in the first quarter worth $25,000. University of Texas Texas AM Investment Managment Co. purchased a new stake in First Solar in the fourth quarter worth $27,000. Atlas Capital Advisors LLC increased its stake in First Solar by 411.1% in the second quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock worth $31,000 after purchasing an additional 111 shares during the period. Riverview Trust Co purchased a new stake in First Solar in the first quarter worth $32,000. Finally, Summit Securities Group LLC purchased a new stake in First Solar in the second quarter worth $36,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Trading Up 1.4 %

First Solar stock opened at $208.22 on Wednesday. The stock has a 50-day moving average of $220.66 and a two-hundred day moving average of $208.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23. First Solar, Inc. has a one year low of $129.21 and a one year high of $306.77. The stock has a market cap of $22.29 billion, a PE ratio of 21.83, a price-to-earnings-growth ratio of 0.35 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $939.71 million. During the same period last year, the business posted $1.85 earnings per share. The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. On average, research analysts anticipate that First Solar, Inc. will post 13.6 EPS for the current fiscal year.

Insider Transactions at First Solar

In related news, CAO Byron Michael Jeffers sold 1,766 shares of First Solar 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 completion of the transaction, the chief accounting officer now directly owns 500 shares in the company, valued at $108,250. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Byron Michael Jeffers sold 1,766 shares of First Solar 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 completion of the transaction, the chief accounting officer now directly owns 500 shares in the company, valued at $108,250. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kuntal Kumar Verma sold 1,621 shares of First Solar stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $260.00, for a total value of $421,460.00. Following the transaction, the insider now owns 3,549 shares of the company’s stock, valued at $922,740. The disclosure for this sale can be found here. Insiders sold a total of 12,506 shares of company stock worth $2,827,217 over the last three months. 0.58% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FSLR shares. BMO Capital Markets dropped their price target on First Solar from $311.00 to $286.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft increased their price target on First Solar from $215.00 to $280.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Piper Sandler increased their price target on First Solar from $219.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. increased their price target on First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Finally, Barclays increased their price target on First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $277.25.

First Solar Company 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.