Cardinal Point Capital Management ULC Takes $233,000 Position in First Solar, Inc. $FSLR

Cardinal Point Capital Management ULC acquired a new stake in shares of First Solar, Inc. (NASDAQ:FSLR) during the second quarter, HoldingsChannel.com reports. The fund acquired 1,405 shares of the solar cell manufacturer’s stock, valued at approximately $233,000.

A number of other hedge funds have also made changes to their positions in FSLR. Wealth Enhancement Advisory Services LLC increased its holdings in shares of First Solar by 25.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,677 shares of the solar cell manufacturer’s stock valued at $971,000 after acquiring an additional 1,543 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in First Solar by 396.5% in the 1st quarter. Oppenheimer & Co. Inc. now owns 11,777 shares of the solar cell manufacturer’s stock valued at $1,489,000 after buying an additional 9,405 shares during the last quarter. Asset Management One Co. Ltd. grew its holdings in First Solar by 7.1% in the 1st quarter. Asset Management One Co. Ltd. now owns 48,722 shares of the solar cell manufacturer’s stock valued at $6,160,000 after buying an additional 3,226 shares during the last quarter. Trust Co. of Vermont grew its holdings in First Solar by 6.7% in the 1st quarter. Trust Co. of Vermont now owns 8,205 shares of the solar cell manufacturer’s stock valued at $1,037,000 after buying an additional 518 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC grew its holdings in First Solar by 78.2% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 5,815 shares of the solar cell manufacturer’s stock valued at $735,000 after buying an additional 2,552 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

Insider Activity at First Solar

In related news, CAO Nathan B. Theurer sold 686 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $182.03, for a total transaction of $124,872.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark R. Widmar sold 23,912 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $185.47, for a total value of $4,434,958.64. Following the transaction, the chief executive officer owned 87,978 shares of the company’s stock, valued at $16,317,279.66. This trade represents a 21.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,715 shares of company stock valued at $5,733,305 in the last 90 days. 0.48% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on FSLR shares. TD Cowen raised their target price on First Solar from $220.00 to $240.00 and gave the company a “buy” rating in a report on Friday, September 12th. Royal Bank Of Canada raised their target price on First Solar from $201.00 to $244.00 and gave the company an “outperform” rating in a report on Monday, October 20th. BMO Capital Markets raised their target price on First Solar from $194.00 to $203.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Evercore ISI started coverage on First Solar in a research report on Monday, October 6th. They issued an “in-line” rating and a $240.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on First Solar from $225.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Solar currently has a consensus rating of “Moderate Buy” and an average target price of $244.43.

First Solar Price Performance

First Solar stock opened at $241.41 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.90 and a quick ratio of 1.41. The company has a market capitalization of $25.89 billion, a PE ratio of 20.65, a price-to-earnings-growth ratio of 0.44 and a beta of 1.38. First Solar, Inc. has a one year low of $116.56 and a one year high of $248.04. The business has a 50 day simple moving average of $215.24 and a 200 day simple moving average of $178.47.

First Solar (NASDAQ:FSLR) last posted its earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 EPS for the quarter, topping the consensus estimate of $2.68 by $0.50. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.03 billion. First Solar had a return on equity of 15.57% and a net margin of 28.95%.First Solar’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned $3.25 EPS. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. On average, sell-side analysts forecast that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

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.