Sound Income Strategies LLC Increases Position in First Solar, Inc. (NASDAQ:FSLR)

Sound Income Strategies LLC grew its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 555.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 236 shares of the solar cell manufacturer’s stock after purchasing an additional 200 shares during the period. Sound Income Strategies LLC’s holdings in First Solar were worth $59,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FSLR. Electron Capital Partners LLC boosted its holdings in First Solar by 81,947.0% in the second quarter. Electron Capital Partners LLC now owns 7,669,757 shares of the solar cell manufacturer’s stock worth $1,729,223,000 after acquiring an additional 7,660,409 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in First Solar by 11.1% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,801,916 shares of the solar cell manufacturer’s stock worth $472,963,000 after purchasing an additional 279,719 shares in the last quarter. Anomaly Capital Management LP purchased a new stake in First Solar during the 2nd quarter valued at about $53,752,000. Canada Pension Plan Investment Board increased its stake in First Solar by 2,429.1% during the 2nd quarter. Canada Pension Plan Investment Board now owns 174,530 shares of the solar cell manufacturer’s stock valued at $39,350,000 after purchasing an additional 167,629 shares in the last quarter. Finally, Forest Avenue Capital Management LP purchased a new position in First Solar in the second quarter worth about $30,962,000. 92.08% of the stock is owned by institutional investors.

Insider Buying and Selling at First Solar

In other news, CAO Byron Michael Jeffers sold 500 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at $769,896. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Byron Michael Jeffers sold 500 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,885 shares of company stock worth $2,405,757. Insiders own 0.58% of the company’s stock.

First Solar Price Performance

Shares of First Solar stock opened at $209.96 on Tuesday. The company has a market capitalization of $22.47 billion, a price-to-earnings ratio of 22.01, a PEG ratio of 0.38 and a beta of 1.44. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The stock’s 50-day simple moving average is $227.62 and its 200-day simple moving average is $222.26. First Solar, Inc. has a 52 week low of $129.21 and a 52 week high of $306.77.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $2.69 by $0.56. The company 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 firm’s revenue was up 24.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.85 EPS. As a group, analysts expect that First Solar, Inc. will post 13.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FSLR shares. Jefferies Financial Group reduced their price target on shares of First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. 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 target for the company. Piper Sandler increased their price objective on First Solar from $219.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. UBS Group boosted their target price on First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, Hsbc Global Res raised shares of First Solar to a “strong-buy” rating in a report on Wednesday, October 9th. Four equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $285.44.

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.