Axxcess Wealth Management LLC Buys Shares of 1,902 First Solar, Inc. (NASDAQ:FSLR)

Axxcess Wealth Management LLC purchased a new stake in First Solar, Inc. (NASDAQ:FSLR) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 1,902 shares of the solar cell manufacturer’s stock, valued at approximately $429,000.

Several other hedge funds have also modified their holdings of FSLR. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of First Solar in the 1st quarter valued at approximately $25,000. University of Texas Texas AM Investment Managment Co. acquired a new stake in shares of First Solar in the 4th quarter valued at approximately $27,000. Atlas Capital Advisors LLC lifted its holdings in shares of First Solar by 411.1% in the 2nd quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock valued at $31,000 after buying an additional 111 shares during the period. Riverview Trust Co acquired a new stake in shares of First Solar in the 1st quarter valued at approximately $32,000. Finally, Summit Securities Group LLC acquired a new stake in shares of First Solar in the 2nd quarter valued at approximately $36,000. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Price Performance

FSLR stock opened at $240.20 on Friday. The stock has a 50-day moving average price of $221.89 and a two-hundred day moving average price of $212.12. First Solar, Inc. has a 12-month low of $129.21 and a 12-month high of $306.77. The company has a current ratio of 2.23, a quick ratio of 1.65 and a debt-to-equity ratio of 0.06. The company has a market cap of $25.71 billion, a PE ratio of 25.18, a price-to-earnings-growth ratio of 0.40 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $939.71 million. During the same quarter in the previous year, the business earned $1.85 earnings per share. The firm’s quarterly revenue was up 24.6% compared to the same quarter last year. As a group, research analysts predict that First Solar, Inc. will post 13.6 EPS for the current year.

Insider Transactions at First Solar

In other news, CAO Byron Michael Jeffers sold 1,766 shares of the company’s stock in a transaction dated 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 sale, the chief accounting officer now owns 500 shares of the company’s stock, valued at $108,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 3,468 shares in the company, valued at $769,896. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Byron Michael Jeffers sold 1,766 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $108,250. The disclosure for this sale can be found here. Insiders sold 10,885 shares of company stock valued at $2,405,757 over the last quarter. Company insiders own 0.58% of the company’s stock.

Analysts Set New Price Targets

FSLR has been the subject of several recent analyst reports. Clarkson Capital began coverage on First Solar in a report on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price target for the company. Mizuho reaffirmed a “neutral” rating and set a $274.00 price objective (up from $209.00) on shares of First Solar in a report on Thursday, May 30th. Bank of America lifted their price objective on First Solar from $320.00 to $343.00 and gave the stock a “buy” rating in a report on Monday, September 16th. DZ Bank raised First Solar from a “hold” rating to a “buy” rating and set a $280.00 price objective for the company in a report on Thursday, August 1st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on First Solar from $215.00 to $280.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Five research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $283.46.

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.