Lingotto Investment Management LLP Takes $5.34 Million Position in First Solar, Inc. (NASDAQ:FSLR)

Lingotto Investment Management LLP acquired a new stake in First Solar, Inc. (NASDAQ:FSLR) in the second quarter, Holdings Channel reports. The institutional investor acquired 23,700 shares of the solar cell manufacturer’s stock, valued at approximately $5,343,000.

A number of other institutional investors also recently made changes to their positions in FSLR. Norges Bank purchased a new stake in First Solar during the 4th quarter valued at $298,123,000. Schroder Investment Management Group boosted its position in First Solar by 16.7% during the 4th quarter. Schroder Investment Management Group now owns 2,454,499 shares of the solar cell manufacturer’s stock valued at $422,861,000 after buying an additional 351,540 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in First Solar by 11.1% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,801,916 shares of the solar cell manufacturer’s stock valued at $472,963,000 after buying an additional 279,719 shares during the period. Park West Asset Management LLC purchased a new stake in First Solar during the 4th quarter valued at $26,359,000. Finally, Swedbank AB purchased a new stake in First Solar during the 1st quarter valued at $21,815,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Stock Performance

Shares of FSLR stock opened at $239.98 on Wednesday. First Solar, Inc. has a one year low of $129.21 and a one year high of $306.77. The company’s 50-day moving average is $221.19 and its 200 day moving average is $211.13. The company has a market capitalization of $25.69 billion, a price-to-earnings ratio of 25.16, a price-to-earnings-growth ratio of 0.40 and a beta of 1.44. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, beating 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 company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $939.71 million. During the same period in the prior year, the firm posted $1.85 EPS. First Solar’s revenue for the quarter was up 24.6% on a year-over-year basis. Sell-side analysts expect that First Solar, Inc. will post 13.6 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FSLR. Piper Sandler increased their price target on shares of First Solar from $219.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. William Blair began coverage on shares of First Solar in a report on Thursday, August 29th. They issued a “market perform” rating for the company. Royal Bank of Canada restated an “outperform” rating and issued a $315.00 price objective on shares of First Solar in a report on Wednesday, July 31st. Clarkson Capital began coverage on shares of First Solar in a report on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price objective for the company. Finally, Mizuho restated a “neutral” rating and issued a $274.00 price objective (up from $209.00) on shares of First Solar in a report on Thursday, May 30th. Five analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $283.46.

Insider Activity

In other news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the sale, the chief accounting officer now owns 500 shares of the company’s stock, valued at approximately $108,250. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Patrick James Buehler sold 8,619 shares of the firm’s 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 sale, the insider now 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 accessible through this hyperlink. Also, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the transaction, the chief accounting officer now directly owns 500 shares in the company, valued at approximately $108,250. The disclosure for this sale can be found here. Insiders have sold a total of 12,506 shares of company stock valued at $2,827,217 in the last 90 days. 0.58% of the stock is currently owned by insiders.

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.