Prudential Financial Inc. Sells 12,416 Shares of First Solar, Inc. (NASDAQ:FSLR)

Prudential Financial Inc. decreased its position in First Solar, Inc. (NASDAQ:FSLR) by 17.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 57,137 shares of the solar cell manufacturer’s stock after selling 12,416 shares during the quarter. Prudential Financial Inc.’s holdings in First Solar were worth $10,070,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Whalen Wealth Management Inc. grew its stake in First Solar by 47.0% during the fourth quarter. Whalen Wealth Management Inc. now owns 4,859 shares of the solar cell manufacturer’s stock worth $856,000 after buying an additional 1,554 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in First Solar by 665.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 39,192 shares of the solar cell manufacturer’s stock worth $7,308,000 after acquiring an additional 34,074 shares during the last quarter. Stifel Financial Corp increased its holdings in First Solar by 36.9% during the 3rd quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock valued at $5,350,000 after purchasing an additional 5,780 shares in the last quarter. Paragon Capital Management Inc. bought a new position in First Solar in the 4th quarter valued at $1,240,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in First Solar by 9.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 595,267 shares of the solar cell manufacturer’s stock worth $104,910,000 after purchasing an additional 49,074 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.

First Solar Stock Up 0.6 %

Shares of FSLR stock opened at $127.32 on Friday. First Solar, Inc. has a 52-week low of $124.32 and a 52-week high of $306.77. The stock has a market cap of $13.63 billion, a price-to-earnings ratio of 10.97, a PEG ratio of 0.19 and a beta of 1.52. The firm’s 50-day moving average is $150.28 and its 200-day moving average is $185.33. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. Sell-side analysts predict that First Solar, Inc. will post 13.05 EPS for the current year.

Analyst Upgrades and Downgrades

FSLR has been the subject of a number of research analyst reports. Guggenheim cut their price target on First Solar from $335.00 to $304.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Redburn Atlantic started coverage on shares of First Solar in a research note on Monday, March 3rd. They issued a “neutral” rating for the company. Truist Financial reissued a “buy” rating and set a $285.00 price target (down from $300.00) on shares of First Solar in a research note on Wednesday, February 26th. JPMorgan Chase & Co. dropped their price objective on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Finally, Piper Sandler decreased their price objective on First Solar from $250.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, First Solar has an average rating of “Moderate Buy” and a consensus target price of $262.08.

Insider Activity

In other First Solar news, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the sale, the chief executive officer now directly owns 103,403 shares in the company, valued at $14,589,129.27. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Markus Gloeckler sold 380 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $133.75, for a total value of $50,825.00. Following the sale, the chief technology officer now owns 17,594 shares of the company’s stock, valued at approximately $2,353,197.50. This represents a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,311 shares of company stock worth $4,767,158. Corporate insiders own 0.58% of the company’s stock.

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.