Hsbc Holdings PLC Sells 71,602 Shares of First Solar, Inc. $FSLR

Hsbc Holdings PLC cut its holdings in First Solar, Inc. (NASDAQ:FSLR) by 11.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 566,927 shares of the solar cell manufacturer’s stock after selling 71,602 shares during the period. Hsbc Holdings PLC’s holdings in First Solar were worth $148,245,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Aventura Private Wealth LLC purchased a new stake in shares of First Solar in the 4th quarter worth $25,000. Commonwealth Retirement Investments LLC purchased a new position in First Solar during the fourth quarter valued at $26,000. Reflection Asset Management purchased a new position in First Solar during the fourth quarter valued at $26,000. Strategic Wealth Investment Group LLC bought a new stake in First Solar during the second quarter valued at about $26,000. Finally, Larson Financial Group LLC grew its holdings in First Solar by 117.0% during the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer’s stock valued at $27,000 after purchasing an additional 55 shares during the period. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Price Performance

Shares of First Solar stock opened at $257.70 on Friday. The company has a market capitalization of $27.69 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 0.57 and a beta of 1.71. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02. The stock’s 50-day simple moving average is $238.53 and its 200-day simple moving average is $233.45. First Solar, Inc. has a 52 week low of $139.26 and a 52 week high of $320.95.

First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $0.35. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The firm’s revenue was up 23.6% on a year-over-year basis. During the same quarter last year, the business posted $1.95 earnings per share. As a group, analysts expect that First Solar, Inc. will post 17.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Wall Street Zen downgraded First Solar from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Morgan Stanley decreased their target price on shares of First Solar from $275.00 to $230.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 28th. Guggenheim lifted their price target on shares of First Solar from $269.00 to $279.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Wolfe Research lowered shares of First Solar from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Finally, Needham & Company LLC upped their price target on shares of First Solar from $286.00 to $303.00 and gave the stock a “buy” rating in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, First Solar currently has an average rating of “Moderate Buy” and a consensus price target of $249.78.

Insider Buying and Selling

In other news, insider Kuntal Kumar Verma sold 582 shares of First Solar stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $250.00, for a total transaction of $145,500.00. Following the sale, the insider owned 4,967 shares in the company, valued at $1,241,750. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alexander R. Bradley sold 498 shares of First Solar stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total transaction of $107,383.74. Following the sale, the chief financial officer owned 30,712 shares in the company, valued at approximately $6,622,428.56. The trade was a 1.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 32,466 shares of company stock worth $8,014,105 in the last quarter. 0.39% of the stock is owned by insiders.

About First Solar

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.