Renaissance Technologies LLC Buys New Shares in First Solar, Inc. (NASDAQ:FSLR)

Renaissance Technologies LLC bought a new stake in First Solar, Inc. (NASDAQ:FSLR) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 120,100 shares of the solar cell manufacturer’s stock, valued at approximately $27,078,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Sierra Summit Advisors LLC acquired a new position in First Solar in the second quarter valued at $10,123,000. Dimensional Fund Advisors LP grew its position in First Solar by 8.8% during the second quarter. Dimensional Fund Advisors LP now owns 795,393 shares of the solar cell manufacturer’s stock valued at $179,478,000 after acquiring an additional 64,265 shares during the period. Prime Capital Investment Advisors LLC grew its position in First Solar by 56.9% during the second quarter. Prime Capital Investment Advisors LLC now owns 6,767 shares of the solar cell manufacturer’s stock valued at $1,526,000 after acquiring an additional 2,455 shares during the period. WINTON GROUP Ltd purchased a new stake in First Solar during the second quarter valued at about $1,674,000. Finally, Alta Advisers Ltd purchased a new stake in First Solar during the second quarter valued at about $45,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

First Solar Stock Performance

Shares of NASDAQ FSLR opened at $240.45 on Friday. The stock has a fifty day moving average price of $221.75 and a two-hundred day moving average price of $211.92. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23. The firm has a market cap of $25.74 billion, a P/E ratio of 25.20, a PEG ratio of 0.40 and a beta of 1.44. First Solar, Inc. has a 1 year low of $129.21 and a 1 year high of $306.77.

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, topping the consensus estimate of $2.69 by $0.56. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The company’s revenue was up 24.6% compared to the same quarter last year. During the same period last year, the company posted $1.85 EPS. Research analysts forecast that First Solar, Inc. will post 13.6 EPS for the current fiscal year.

Insider Transactions at First Solar

In other news, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the sale, the insider now owns 3,468 shares in the company, valued at $769,896. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Byron Michael Jeffers sold 500 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the sale, the insider now owns 3,468 shares of the company’s stock, valued at $769,896. The disclosure for this sale can be found here. Insiders sold a total of 10,885 shares of company stock valued at $2,405,757 in the last three months. 0.58% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

FSLR has been the topic of several recent analyst reports. UBS Group boosted their price target on First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Clarkson Capital initiated coverage on First Solar in a research note on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Piper Sandler boosted their price target on First Solar from $219.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Finally, Barclays upped their price objective on First Solar from $280.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Five analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $283.46.

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.