Financial Network Wealth Management LLC decreased its holdings in First Solar, Inc. (NASDAQ:FSLR) by 39.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,574 shares of the solar cell manufacturer’s stock after selling 2,346 shares during the period. Financial Network Wealth Management LLC’s holdings in First Solar were worth $323,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of FSLR. O Shaughnessy Asset Management LLC increased its holdings in First Solar by 627.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 291 shares of the solar cell manufacturer’s stock worth $25,000 after buying an additional 251 shares during the last quarter. Atlas Capital Advisors LLC acquired a new position in First Solar in the first quarter worth approximately $26,000. Certified Advisory Corp acquired a new position in First Solar during the first quarter valued at approximately $38,000. Eaton Vance Management acquired a new position in First Solar during the first quarter valued at approximately $39,000. Finally, Arkadios Wealth Advisors grew its holdings in First Solar by 3,300.0% during the second quarter. Arkadios Wealth Advisors now owns 850 shares of the solar cell manufacturer’s stock valued at $76,000 after purchasing an additional 825 shares during the last quarter. Institutional investors own 73.18% of the company’s stock.
In other First Solar news, insider Georges Antoun sold 24,052 shares of the firm’s stock in a transaction dated Monday, July 12th. The stock was sold at an average price of $95.20, for a total transaction of $2,289,750.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director R Craig Kennedy sold 550 shares of the firm’s stock in a transaction dated Thursday, July 15th. The stock was sold at an average price of $89.03, for a total value of $48,966.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,827 shares of company stock valued at $3,694,772. Corporate insiders own 0.55% of the company’s stock.
First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Thursday, July 29th. The solar cell manufacturer reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.17. The firm had revenue of $629.18 million during the quarter, compared to analyst estimates of $632.03 million. First Solar had a return on equity of 10.05% and a net margin of 18.96%. During the same period last year, the company earned $0.35 earnings per share. On average, equities analysts predict that First Solar, Inc. will post 4.32 earnings per share for the current fiscal year.
Several equities analysts have commented on the company. The Goldman Sachs Group increased their price target on First Solar from $55.00 to $62.00 and gave the company a “sell” rating in a report on Friday, July 2nd. They noted that the move was a valuation call. Guggenheim began coverage on First Solar in a report on Tuesday, August 3rd. They set a “buy” rating and a $113.00 price target on the stock. Susquehanna raised First Solar from a “neutral” rating to a “positive” rating and increased their price objective for the company from $89.00 to $120.00 in a research report on Monday, August 2nd. Susquehanna Bancshares raised First Solar to a “positive” rating and increased their price objective for the company from $89.00 to $120.00 in a research report on Monday, August 2nd. Finally, Morgan Stanley increased their price objective on First Solar from $53.00 to $57.00 and gave the company an “underweight” rating in a research report on Thursday, August 19th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $102.57.
About First Solar
First Solar, Inc engages in designing, manufacturing, marketing, and distribution of photovoltaic solar power systems and solar modules. It operates through the Modules and Systems segments. The Modules segment involves in the design, manufacture, and sale of cadmium telluride solar modules, which convert sunlight into electricity.
Featured Story: What strategies should day traders use to execute a trade?
Receive News & Ratings for First Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Solar and related companies with MarketBeat.com's FREE daily email newsletter.