Merewether Investment Management LP Makes New $6.66 Million Investment in First Solar, Inc. (NASDAQ:FSLR)

Merewether Investment Management LP bought a new position in First Solar, Inc. (NASDAQ:FSLR) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 29,536 shares of the solar cell manufacturer’s stock, valued at approximately $6,659,000.

Several other institutional investors have also made changes to their positions in the company. Dixon Mitchell Investment Counsel Inc. acquired a new stake in First Solar during the 1st quarter valued at $25,000. University of Texas Texas AM Investment Managment Co. acquired a new position in First Solar during the fourth quarter valued at $27,000. Atlas Capital Advisors LLC lifted its stake in First Solar by 411.1% in the 2nd 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 in the last quarter. Riverview Trust Co acquired a new stake in First Solar during the 1st quarter worth about $32,000. Finally, Summit Securities Group LLC purchased a new position in First Solar during the 2nd quarter valued at about $36,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at First Solar

In other news, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction that occurred 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 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 legal filing with the SEC, which is available at this link. In other news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the transaction, 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 accessible through this hyperlink. Also, CAO Byron Michael Jeffers sold 500 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $220.00, for a total value of $110,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,885 shares of company stock valued at $2,405,757. 0.58% of the stock is currently owned by corporate insiders.

First Solar Price Performance

Shares of FSLR stock opened at $244.73 on Wednesday. First Solar, Inc. has a 12 month low of $129.21 and a 12 month high of $306.77. The company has a market capitalization of $26.20 billion, a P/E ratio of 25.65, a P/E/G ratio of 0.42 and a beta of 1.44. The stock has a 50 day moving average of $223.22 and a two-hundred day moving average of $214.67. The company has a current ratio of 2.23, a quick ratio of 1.65 and a debt-to-equity ratio of 0.06.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping analysts’ consensus estimates of $2.69 by $0.56. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $939.71 million. During the same quarter in the previous year, the company earned $1.85 earnings per share. The business’s revenue was up 24.6% compared to the same quarter last year. As a group, equities analysts expect that First Solar, Inc. will post 13.62 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on FSLR. Morgan Stanley raised their price target on shares of First Solar from $248.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. BMO Capital Markets lowered their price target on shares of First Solar from $311.00 to $286.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. William Blair assumed coverage on shares of First Solar in a research note on Thursday, August 29th. They issued a “market perform” rating on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $315.00 price objective on shares of First Solar in a research report on Wednesday, July 31st. Finally, DZ Bank raised First Solar from a “hold” rating to a “buy” rating and set a $280.00 target price on the stock in a research report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.