First Solar, Inc. $FSLR Shares Purchased by Sumitomo Mitsui Financial Group Inc.

by · The Cerbat Gem

Sumitomo Mitsui Financial Group Inc. boosted its position in First Solar, Inc. (NASDAQ:FSLR – Free Report) by 11.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 113,153 shares of the solar cell manufacturer’s stock after buying an additional 11,494 shares during the period. Sumitomo Mitsui Financial Group Inc.’s holdings in First Solar were worth $18,731,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of First Solar by 0.4% in the second quarter. Vanguard Group Inc. now owns 13,257,849 shares of the solar cell manufacturer’s stock worth $2,194,704,000 after acquiring an additional 57,507 shares during the period. Geode Capital Management LLC raised its stake in shares of First Solar by 0.9% during the 2nd quarter. Geode Capital Management LLC now owns 2,857,848 shares of the solar cell manufacturer’s stock valued at $471,927,000 after buying an additional 26,476 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of First Solar by 17.2% during the 1st quarter. Wellington Management Group LLP now owns 2,765,303 shares of the solar cell manufacturer’s stock valued at $349,617,000 after buying an additional 405,457 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of First Solar by 32.3% in the 1st quarter. Invesco Ltd. now owns 2,427,500 shares of the solar cell manufacturer’s stock valued at $306,909,000 after buying an additional 592,444 shares during the period. Finally, Samlyn Capital LLC boosted its stake in shares of First Solar by 6.3% in the first quarter. Samlyn Capital LLC now owns 1,741,794 shares of the solar cell manufacturer’s stock worth $220,215,000 after buying an additional 103,403 shares during the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Solar

In other First Solar news, Director Michael T. Sweeney sold 4,500 shares of the firm’s stock in a transaction on 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 transaction, the director owned 13,662 shares in the company, valued at approximately $3,703,904.82. This trade represents a 24.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Georges Antoun sold 37,412 shares of First Solar stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $265.01, for a total transaction of $9,914,554.12. Following the sale, the insider directly 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. In the last ninety days, insiders sold 48,912 shares of company stock valued at $12,971,349. 0.48% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on FSLR. DZ Bank downgraded First Solar from a “strong-buy” rating to a “hold” rating in a report on Friday, October 31st. Deutsche Bank Aktiengesellschaft increased their price target on shares of First Solar from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $316.00 price objective on shares of First Solar in a report on Friday, October 31st. KeyCorp reiterated an “overweight” rating on shares of First Solar in a research report on Friday, October 31st. Finally, Evercore ISI raised their target price on First Solar from $240.90 to $241.00 in a research report on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $269.79.

Read Our Latest Report on FSLR

First Solar Stock Up 4.6%

FSLR stock 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 quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04. The firm has a 50-day simple moving average of $240.97 and a 200-day simple moving average of $199.72. The stock has a market capitalization of $29.21 billion, a P/E ratio of 23.29, a P/E/G ratio of 0.46 and a beta of 1.51.

First Solar (NASDAQ:FSLR – Get Free Report) last posted its quarterly earnings data 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 analyst estimates of $1.56 billion. During the same quarter in the previous year, the firm posted $2.91 earnings per share. The company’s quarterly revenue was up 79.7% on a year-over-year basis. First Solar has set its FY 2025 guidance at 14.000-15.000 EPS. Equities analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

First Solar Company Profile

(Free Report)

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.

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