Deepwater Asset Management LLC Has $6.56 Million Stock Holdings in First Solar, Inc. $FSLR

Deepwater Asset Management LLC increased its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 495.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,126 shares of the solar cell manufacturer’s stock after buying an additional 20,903 shares during the period. First Solar comprises approximately 1.9% of Deepwater Asset Management LLC’s portfolio, making the stock its 22nd largest position. Deepwater Asset Management LLC’s holdings in First Solar were worth $6,564,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in FSLR. Norges Bank acquired a new stake in First Solar during the 4th quarter worth approximately $392,040,000. Viking Global Investors LP boosted its position in First Solar by 60.6% during the 2nd quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer’s stock worth $375,122,000 after buying an additional 854,919 shares during the period. Lightrock Netherlands B.V. boosted its position in First Solar by 2,663.8% during the 4th quarter. Lightrock Netherlands B.V. now owns 666,307 shares of the solar cell manufacturer’s stock worth $174,059,000 after buying an additional 642,199 shares during the period. Amundi boosted its position in First Solar by 38.6% during the 3rd quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer’s stock worth $459,917,000 after buying an additional 564,032 shares during the period. Finally, Vanguard Group Inc. boosted its position in First Solar by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 13,721,979 shares of the solar cell manufacturer’s stock worth $3,026,108,000 after buying an additional 464,130 shares during the period. 92.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on FSLR shares. Morgan Stanley lowered their price target on shares of First Solar from $275.00 to $230.00 and set an “overweight” rating for the company in a report on Tuesday, April 28th. DZ Bank upgraded shares of First Solar to a “strong sell” rating in a report on Thursday, February 26th. Robert W. Baird restated a “neutral” rating and set a $205.00 price target (down from $264.00) on shares of First Solar in a report on Wednesday, February 25th. Guggenheim raised their price target on shares of First Solar from $269.00 to $279.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Finally, BMO Capital Markets lowered their price target on shares of First Solar from $252.00 to $237.00 and set a “market perform” rating for the company in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $247.40.

First Solar Stock Performance

NASDAQ:FSLR opened at $279.01 on Monday. The company has a fifty day moving average of $224.60 and a 200-day moving average of $233.01. The firm has a market capitalization of $29.98 billion, a P/E ratio of 18.02, a P/E/G ratio of 0.62 and a beta of 1.70. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02. First Solar, Inc. has a twelve month low of $135.50 and a twelve month high of $320.95.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share for the quarter, beating the consensus estimate of $2.87 by $0.35. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. First Solar had a net margin of 30.73% and a return on equity of 18.01%. First Solar’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.95 EPS. As a group, sell-side analysts anticipate that First Solar, Inc. will post 17.61 EPS for the current year.

Insider Buying and Selling

In other news, insider Kuntal Kumar Verma sold 582 shares of First Solar stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $250.00, for a total value of $145,500.00. Following the completion of the sale, the insider owned 4,967 shares in the company, valued at $1,241,750. The trade was a 10.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mark R. Widmar sold 4,815 shares of First Solar stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $247.43, for a total transaction of $1,191,375.45. Following the completion of the sale, the chief executive officer owned 89,033 shares of the company’s stock, valued at $22,029,435.19. This represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 61,426 shares of company stock worth $13,802,836 over the last ninety days. 0.39% of the stock is owned by company insiders.

First Solar Profile

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.