First Solar, Inc. (NASDAQ:FSLR) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. trimmed its position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 11.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 229,543 shares of the solar cell manufacturer's stock after selling 29,634 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.21% of First Solar worth $51,753,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FSLR. International Assets Investment Management LLC acquired a new position in shares of First Solar during the fourth quarter worth approximately $26,000,000. Simplicity Solutions LLC acquired a new position in shares of First Solar during the fourth quarter worth approximately $212,000. Louisiana State Employees Retirement System bought a new stake in First Solar during the fourth quarter worth $1,120,000. Xponance Inc. grew its holdings in First Solar by 2.9% during the fourth quarter. Xponance Inc. now owns 15,297 shares of the solar cell manufacturer's stock worth $2,635,000 after buying an additional 429 shares in the last quarter. Finally, abrdn plc grew its holdings in First Solar by 15.3% during the fourth quarter. abrdn plc now owns 266,648 shares of the solar cell manufacturer's stock worth $45,938,000 after buying an additional 35,445 shares in the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FSLR. UBS Group upped their price objective on First Solar from $350.00 to $360.00 and gave the company a "buy" rating in a research note on Wednesday, July 31st. Clarkson Capital began coverage on First Solar in a research note on Wednesday, August 14th. They issued a "buy" rating and a $270.00 price objective for the company. Robert W. Baird reduced their price objective on First Solar from $344.00 to $307.00 and set an "outperform" rating for the company in a research note on Tuesday, July 2nd. Piper Sandler upped their price objective on First Solar from $219.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, July 22nd. Finally, Janney Montgomery Scott downgraded First Solar from a "buy" rating to a "neutral" rating in a research note on Tuesday, June 18th. Four research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $275.36.

Insider Activity

In other news, CAO Byron Michael Jeffers sold 1,766 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the transaction, the chief accounting officer now directly owns 500 shares in the company, valued at approximately $108,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Byron Michael Jeffers sold 1,766 shares of the firm's stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the transaction, the chief accounting officer now directly owns 500 shares in the company, valued at approximately $108,250. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Caroline Stockdale sold 12,406 shares of the firm's stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $205.00, for a total value of $2,543,230.00. Following the transaction, the insider now owns 22,025 shares in the company, valued at $4,515,125. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,873 shares of company stock worth $13,949,855. 0.58% of the stock is currently owned by insiders.

First Solar Price Performance

FSLR traded up $2.98 during trading on Monday, reaching $228.38. 1,274,229 shares of the company were exchanged, compared to its average volume of 2,481,030. The company's 50-day moving average is $232.94 and its two-hundred day moving average is $200.69. The company has a market cap of $24.45 billion, a price-to-earnings ratio of 23.94, a P/E/G ratio of 0.37 and a beta of 1.44. The company has a quick ratio of 1.86, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. First Solar, Inc. has a 12-month low of $129.21 and a 12-month high of $306.77.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, beating the consensus estimate of $2.69 by $0.56. The firm had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The company's revenue was up 24.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.85 EPS. Research analysts forecast that First Solar, Inc. will post 13.53 earnings per share for the current fiscal year.

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.