Institute for Wealth Management LLC. Invests $248,000 in First Solar, Inc. (NASDAQ:FSLR)

Institute for Wealth Management LLC. bought a new stake in First Solar, Inc. (NASDAQ:FSLR) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,101 shares of the solar cell manufacturer’s stock, valued at approximately $248,000.

A number of other hedge funds have also added to or reduced their stakes in FSLR. Dixon Mitchell Investment Counsel Inc. bought a new position in First Solar in the first quarter valued at $25,000. University of Texas Texas AM Investment Managment Co. bought a new position in First Solar in the fourth quarter valued at $27,000. Riverview Trust Co bought a new position in shares of First Solar in the 1st quarter valued at about $32,000. Voisard Asset Management Group Inc. bought a new position in shares of First Solar in the 4th quarter valued at about $46,000. Finally, Harbor Investment Advisory LLC grew its position in shares of First Solar by 36.0% in the 1st quarter. Harbor Investment Advisory LLC now owns 272 shares of the solar cell manufacturer’s stock valued at $46,000 after acquiring an additional 72 shares during the period. Institutional investors own 92.08% of the company’s stock.

First Solar Stock Up 5.9 %

First Solar stock opened at $231.07 on Monday. First Solar, Inc. has a 12-month low of $129.21 and a 12-month high of $306.77. The company has a quick ratio of 1.86, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $24.73 billion, a PE ratio of 24.22, a PEG ratio of 0.37 and a beta of 1.44. The firm’s fifty day moving average is $227.57 and its 200 day moving average is $202.97.

First Solar (NASDAQ:FSLR) last posted its earnings results 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 net margin of 31.98% and a return on equity of 17.73%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $939.71 million. During the same quarter in the prior year, the business posted $1.85 EPS. The business’s revenue was up 24.6% compared to the same quarter last year. As a group, sell-side analysts predict that First Solar, Inc. will post 13.53 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of First Solar from $215.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Roth Mkm restated a “buy” rating and set a $320.00 target price (up previously from $230.00) on shares of First Solar in a research note on Friday, May 31st. Royal Bank of Canada restated an “outperform” rating and set a $315.00 target price on shares of First Solar in a research note on Wednesday, July 31st. Clarkson Capital began coverage on shares of First Solar in a research report on Wednesday, August 14th. They issued a “buy” rating and a $270.00 target price for the company. Finally, UBS Group lifted their price target on shares of First Solar from $350.00 to $360.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat, First Solar presently has an average rating of “Moderate Buy” and a consensus target price of $275.36.

Insider Transactions at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction 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 document filed with the SEC, which is available through this link. In other First Solar news, CFO Alexander R. Bradley sold 16,051 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $274.69, for a total transaction of $4,409,049.19. Following the completion of the transaction, the chief financial officer now owns 30,652 shares in the company, valued at $8,419,797.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick James Buehler sold 8,619 shares of the 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 owns 3,468 shares of the company’s stock, valued at approximately $769,896. The disclosure for this sale can be found here. Insiders sold a total of 37,203 shares of company stock worth $9,598,253 in the last quarter. 0.58% of the stock is currently owned by corporate insiders.

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.