Family Legacy Inc. Grows Position in First Solar, Inc. (NASDAQ:FSLR)

Family Legacy Inc. boosted its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 7.1% in the 4th quarter, HoldingsChannel reports. The fund owned 5,806 shares of the solar cell manufacturer’s stock after acquiring an additional 385 shares during the period. Family Legacy Inc.’s holdings in First Solar were worth $1,110,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Smartleaf Asset Management LLC increased its holdings in First Solar by 31.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after buying an additional 63 shares during the last quarter. Crews Bank & Trust purchased a new stake in First Solar during the fourth quarter worth approximately $53,000. Hudson Edge Investment Partners Inc. acquired a new position in First Solar in the fourth quarter valued at approximately $53,000. CoreFirst Bank & Trust purchased a new position in First Solar in the fourth quarter valued at approximately $54,000. Finally, Financial Avengers Inc. acquired a new stake in First Solar during the third quarter worth approximately $77,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Stock Performance

NASDAQ FSLR opened at $127.32 on Monday. The firm’s fifty day moving average price is $150.28 and its two-hundred day moving average price is $184.79. First Solar, Inc. has a 1 year low of $124.32 and a 1 year high of $306.77. The firm has a market capitalization of $13.63 billion, a P/E ratio of 10.97, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing the consensus estimate of $4.81 by ($1.16). The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. As a group, research analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Transactions at First Solar

In other First Solar news, insider Kuntal Kumar Verma sold 7,475 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the completion of the transaction, the insider now directly owns 3,549 shares of the company’s stock, valued at approximately $484,793.40. This represents a 67.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Markus Gloeckler sold 380 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $50,825.00. Following the completion of the sale, the chief technology officer now directly owns 17,594 shares in the company, valued at approximately $2,353,197.50. This trade represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,311 shares of company stock worth $4,767,158. Company insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

FSLR has been the topic of a number of recent analyst reports. Guggenheim dropped their target price on shares of First Solar from $335.00 to $304.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. JPMorgan Chase & Co. cut their target price on First Solar from $282.00 to $268.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. BMO Capital Markets reissued an “outperform” rating and issued a $230.00 target price (down from $260.00) on shares of First Solar in a research report on Wednesday, February 26th. Wells Fargo & Company cut their price target on First Solar from $240.00 to $209.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Finally, Piper Sandler decreased their price objective on First Solar from $250.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Four equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, First Solar currently has a consensus rating of “Moderate Buy” and an average price target of $262.08.

First Solar 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.