Norges Bank Takes Position in First Solar, Inc. (NASDAQ:FSLR)

Norges Bank acquired a new stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,800,947 shares of the solar cell manufacturer's stock, valued at approximately $317,399,000. Norges Bank owned approximately 1.68% of First Solar at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in First Solar by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 12,821,701 shares of the solar cell manufacturer's stock valued at $2,259,697,000 after purchasing an additional 120,289 shares during the last quarter. State Street Corp grew its stake in First Solar by 2.2% in the 3rd quarter. State Street Corp now owns 4,956,633 shares of the solar cell manufacturer's stock valued at $1,236,383,000 after acquiring an additional 108,984 shares during the last quarter. Geode Capital Management LLC increased its holdings in First Solar by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,602,503 shares of the solar cell manufacturer's stock valued at $647,440,000 after acquiring an additional 24,143 shares in the last quarter. Wellington Management Group LLP increased its holdings in First Solar by 75.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer's stock valued at $523,166,000 after acquiring an additional 904,498 shares in the last quarter. Finally, Amundi lifted its holdings in shares of First Solar by 31.0% in the fourth quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer's stock valued at $336,871,000 after purchasing an additional 426,797 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

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First Solar Stock Down 0.3 %

Shares of First Solar stock traded down $0.40 during trading on Tuesday, reaching $126.04. The company had a trading volume of 2,317,116 shares, compared to its average volume of 2,644,364. The company has a market cap of $13.49 billion, a price-to-earnings ratio of 10.87, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. First Solar, Inc. has a fifty-two week low of $120.60 and a fifty-two week high of $306.77. The firm's fifty day moving average is $148.95 and its 200-day moving average is $184.01. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing the consensus estimate of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. On average, analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FSLR. Piper Sandler reduced their target price on First Solar from $250.00 to $230.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Mizuho raised First Solar from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $218.00 to $259.00 in a research note on Tuesday, February 11th. Royal Bank of Canada decreased their price target on shares of First Solar from $280.00 to $251.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 26th. Roth Mkm reissued a "buy" rating and issued a $280.00 price objective on shares of First Solar in a research report on Wednesday, February 26th. Finally, Deutsche Bank Aktiengesellschaft set a $265.00 price target on First Solar in a report on Thursday, February 27th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $262.08.

Insider Transactions at First Solar

In other news, CEO Mark R. Widmar sold 21,542 shares of the company's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the transaction, the chief executive officer now owns 103,403 shares in the company, valued at approximately $14,589,129.27. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alexander R. Bradley sold 599 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $133.75, for a total transaction of $80,116.25. Following the completion of the transaction, the chief financial officer now owns 45,717 shares of the company's stock, valued at approximately $6,114,648.75. This trade represents a 1.29 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,311 shares of company stock worth $4,767,158. 0.58% of the stock is currently owned by company 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.