ExodusPoint Capital Management LP Takes $15.38 Million Position in First Solar, Inc. (NASDAQ:FSLR)

ExodusPoint Capital Management LP acquired a new stake in First Solar, Inc. (NASDAQ:FSLR) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 80,915 shares of the solar cell manufacturer’s stock, valued at approximately $15,381,000. ExodusPoint Capital Management LP owned about 0.08% of First Solar at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of FSLR. FMR LLC lifted its stake in First Solar by 77.9% in the first quarter. FMR LLC now owns 4,786,315 shares of the solar cell manufacturer’s stock valued at $1,041,024,000 after purchasing an additional 2,096,612 shares during the last quarter. Norges Bank purchased a new position in First Solar in the fourth quarter valued at approximately $213,049,000. Goldman Sachs Group Inc. lifted its stake in First Solar by 197.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,336,038 shares of the solar cell manufacturer’s stock valued at $111,880,000 after purchasing an additional 887,443 shares during the last quarter. Samlyn Capital LLC purchased a new position in First Solar in the first quarter valued at approximately $121,554,000. Finally, Bank of America Corp DE lifted its stake in First Solar by 889.2% in the first quarter. Bank of America Corp DE now owns 453,658 shares of the solar cell manufacturer’s stock valued at $98,671,000 after purchasing an additional 511,143 shares during the last quarter. Hedge funds and other institutional investors own 82.08% of the company’s stock.

First Solar Stock Down 0.2 %

FSLR opened at $159.00 on Tuesday. The stock has a market cap of $16.99 billion, a PE ratio of 36.04 and a beta of 1.42. The company has a quick ratio of 2.45, a current ratio of 3.19 and a debt-to-equity ratio of 0.07. First Solar, Inc. has a 52 week low of $129.21 and a 52 week high of $232.00. The business’s fifty day simple moving average is $153.63 and its 200 day simple moving average is $179.39.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, October 31st. The solar cell manufacturer reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.41. First Solar had a return on equity of 8.35% and a net margin of 14.99%. The firm had revenue of $801.09 million for the quarter, compared to analysts’ expectations of $904.11 million. During the same period last year, the firm earned ($0.46) earnings per share. The company’s revenue for the quarter was up 27.4% compared to the same quarter last year. As a group, research analysts expect that First Solar, Inc. will post 7.97 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FSLR shares. StockNews.com started coverage on First Solar in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Oppenheimer increased their target price on First Solar from $262.00 to $268.00 and gave the stock an “outperform” rating in a research report on Friday, September 8th. Morgan Stanley dropped their target price on First Solar from $226.00 to $214.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 17th. Piper Sandler dropped their target price on First Solar from $240.00 to $235.00 and set an “overweight” rating on the stock in a research report on Friday, October 6th. Finally, Susquehanna increased their target price on First Solar from $225.00 to $261.00 and gave the stock a “positive” rating in a research report on Friday, July 28th. Six investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $232.92.

Insider Activity

In other news, CFO Alexander R. Bradley sold 5,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $158.23, for a total transaction of $791,150.00. Following the transaction, the chief financial officer now directly owns 30,419 shares of the company’s stock, valued at $4,813,198.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Kuntal Kumar Verma sold 1,621 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $144.16, for a total value of $233,683.36. Following the sale, the insider now directly owns 1,621 shares of the company’s stock, valued at $233,683.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alexander R. Bradley sold 5,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $158.23, for a total value of $791,150.00. Following the completion of the sale, the chief financial officer now directly owns 30,419 shares in the company, valued at $4,813,198.37. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,121 shares of company stock valued at $2,049,043. 0.58% of the stock is currently owned by insiders.

First Solar Company Profile

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.