Sumitomo Mitsui Financial Group Inc. Buys 11,494 Shares of First Solar, Inc. $FSLR

Sumitomo Mitsui Financial Group Inc. boosted its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 11.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 113,153 shares of the solar cell manufacturer’s stock after purchasing an additional 11,494 shares during the period. Sumitomo Mitsui Financial Group Inc. owned about 0.11% of First Solar worth $18,731,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. J.W. Cole Advisors Inc. purchased a new stake in shares of First Solar in the second quarter worth approximately $235,000. Laurel Wealth Advisors LLC grew its position in First Solar by 16,456.4% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 6,457 shares of the solar cell manufacturer’s stock valued at $1,069,000 after acquiring an additional 6,418 shares during the last quarter. XTX Topco Ltd increased its stake in First Solar by 200.1% in the second quarter. XTX Topco Ltd now owns 11,134 shares of the solar cell manufacturer’s stock worth $1,843,000 after purchasing an additional 7,424 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new stake in First Solar in the second quarter worth $1,389,000. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of First Solar by 571.0% during the second quarter. Steward Partners Investment Advisory LLC now owns 6,965 shares of the solar cell manufacturer’s stock worth $1,153,000 after purchasing an additional 5,927 shares during the last quarter. Institutional investors own 92.08% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Jefferies Financial Group set a $269.00 price target on shares of First Solar and gave the stock a “buy” rating in a research note on Friday, October 31st. Needham & Company LLC assumed coverage on First Solar in a report on Wednesday, October 22nd. They issued a “buy” rating and a $286.00 price target for the company. Wall Street Zen raised First Solar from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Evercore ISI lifted their target price on First Solar from $240.90 to $241.00 in a research report on Friday, October 31st. Finally, Susquehanna increased their price target on First Solar from $273.00 to $285.00 in a research report on Friday, October 31st. Two analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.79.

First Solar Trading Up 4.6%

NASDAQ FSLR opened at $272.21 on Thursday. First Solar, Inc. has a 52 week low of $116.56 and a 52 week high of $281.55. The company has a 50 day moving average price of $240.97 and a 200 day moving average price of $199.72. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04. The firm has a market cap of $29.21 billion, a PE ratio of 23.29, a price-to-earnings-growth ratio of 0.46 and a beta of 1.51.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Thursday, October 30th. The solar cell manufacturer reported $4.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.32 by ($0.08). First Solar had a return on equity of 15.57% and a net margin of 28.95%.The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.56 billion. During the same period in the prior year, the firm posted $2.91 earnings per share. First Solar’s revenue for the quarter was up 79.7% compared to the same quarter last year. First Solar has set its FY 2025 guidance at 14.000-15.000 EPS. As a group, sell-side analysts forecast that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Solar news, Director Michael T. Sweeney sold 4,500 shares of the firm’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $271.11, for a total value of $1,219,995.00. Following the completion of the sale, the director owned 13,662 shares of the company’s stock, valued at approximately $3,703,904.82. This trade represents a 24.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Georges Antoun sold 37,412 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $265.01, for a total transaction of $9,914,554.12. Following the transaction, the insider owned 15,424 shares in the company, valued at approximately $4,087,514.24. This trade represents a 70.81% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 48,912 shares of company stock valued at $12,971,349. 0.48% of the stock is currently owned by corporate 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.