KLP Kapitalforvaltning AS Acquires New Stake in First Solar, Inc. (NASDAQ:FSLR)

KLP Kapitalforvaltning AS acquired a new position in First Solar, Inc. (NASDAQ:FSLR - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 82,100 shares of the solar cell manufacturer's stock, valued at approximately $14,469,000. KLP Kapitalforvaltning AS owned 0.08% of First Solar at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FSLR. Whalen Wealth Management Inc. increased its position in shares of First Solar by 47.0% during the 4th quarter. Whalen Wealth Management Inc. now owns 4,859 shares of the solar cell manufacturer's stock valued at $856,000 after purchasing an additional 1,554 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in First Solar by 665.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 39,192 shares of the solar cell manufacturer's stock valued at $7,308,000 after buying an additional 34,074 shares during the period. Stifel Financial Corp increased its holdings in First Solar by 36.9% during the third quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer's stock valued at $5,350,000 after buying an additional 5,780 shares during the last quarter. Paragon Capital Management Inc. bought a new position in First Solar in the fourth quarter worth approximately $1,240,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of First Solar by 9.0% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 595,267 shares of the solar cell manufacturer's stock worth $104,910,000 after acquiring an additional 49,074 shares during the last quarter. Hedge funds and other institutional investors own 92.08% of the company's stock.

Remove Ads

First Solar Price Performance

FSLR traded up $2.72 during trading hours on Tuesday, hitting $131.54. The company's stock had a trading volume of 2,320,169 shares, compared to its average volume of 2,579,041. The stock has a market cap of $14.08 billion, a price-to-earnings ratio of 11.33, a P/E/G ratio of 0.19 and a beta of 1.52. The business's 50-day moving average price is $155.16 and its 200-day moving average price is $187.25. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. First Solar, Inc. has a 12 month low of $124.96 and a 12 month high of $306.77.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing analysts' consensus estimates of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.48 billion. Sell-side analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

FSLR has been the subject of several analyst reports. StockNews.com upgraded First Solar from a "sell" rating to a "hold" rating in a research note on Thursday, January 2nd. Seaport Res Ptn upgraded First Solar from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, January 15th. Truist Financial reaffirmed a "buy" rating and set a $285.00 price objective (down from $300.00) on shares of First Solar in a research report on Wednesday, February 26th. Roth Mkm reissued a "buy" rating and issued a $280.00 target price on shares of First Solar in a report on Wednesday, February 26th. Finally, Piper Sandler lowered their price target on shares of First Solar from $250.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $262.08.

Insider Activity

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

First Solar Company Profile

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.