Wellington Management Group LLP Sells 359,570 Shares of First Solar, Inc. (NASDAQ:FSLR)

Wellington Management Group LLP reduced its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 15.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,924,135 shares of the solar cell manufacturer’s stock after selling 359,570 shares during the period. Wellington Management Group LLP owned about 1.80% of First Solar worth $331,490,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of FSLR. University of Texas Texas AM Investment Managment Co. purchased a new stake in First Solar during the fourth quarter valued at about $27,000. Estabrook Capital Management purchased a new stake in shares of First Solar during the 3rd quarter valued at approximately $29,000. Baystate Wealth Management LLC bought a new position in First Solar in the 4th quarter worth approximately $29,000. Headinvest LLC purchased a new position in First Solar in the 3rd quarter valued at approximately $30,000. Finally, Rakuten Securities Inc. bought a new stake in First Solar during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Stock Down 4.5 %

FSLR opened at $261.33 on Tuesday. The company has a market cap of $27.97 billion, a P/E ratio of 27.39, a P/E/G ratio of 0.36 and a beta of 1.47. First Solar, Inc. has a 12 month low of $129.21 and a 12 month high of $306.77. The business’s 50-day moving average price is $217.49 and its 200-day moving average price is $178.13. The company has a current ratio of 2.41, a quick ratio of 1.86 and a debt-to-equity ratio of 0.06.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.30. The business had revenue of $794.10 million for the quarter, compared to analysts’ expectations of $718.19 million. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The business’s quarterly revenue was up 44.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.40 EPS. On average, equities analysts expect that First Solar, Inc. will post 13.55 EPS for the current year.

Insider Buying and Selling at First Solar

In other news, CFO Alexander R. Bradley sold 16,051 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $274.69, for a total transaction of $4,409,049.19. Following the completion of the transaction, the chief financial officer now directly owns 30,652 shares of the company’s stock, valued at $8,419,797.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Alexander R. Bradley sold 16,051 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $274.69, for a total transaction of $4,409,049.19. Following the transaction, the chief financial officer now directly owns 30,652 shares of the company’s stock, valued at $8,419,797.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Markus Gloeckler sold 1,937 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $175.00, for a total value of $338,975.00. Following the completion of the sale, the chief technology officer now directly owns 12,536 shares of the company’s stock, valued at approximately $2,193,800. The disclosure for this sale can be found here. Insiders sold 56,269 shares of company stock valued at $13,287,671 in the last quarter. Company insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on FSLR shares. Mizuho reiterated a “neutral” rating and set a $274.00 price objective (up from $209.00) on shares of First Solar in a research note on Thursday, May 30th. Morgan Stanley raised their price objective on shares of First Solar from $248.00 to $331.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th. UBS Group upped their target price on shares of First Solar from $270.00 to $350.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Piper Sandler raised their price target on shares of First Solar from $195.00 to $219.00 and gave the company an “overweight” rating in a report on Tuesday, May 21st. Finally, DZ Bank lowered shares of First Solar from a “buy” rating to a “hold” rating and set a $270.00 price target for the company. in a research report on Wednesday, May 29th. Four investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $265.72.

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.