Texas Teacher Retirement System reduces investment in First Solar (NASDAQ:FSLR).

By Oliver Townsend May 24, 2024
Teacher Retirement System of Texas Lowers Stake in First Solar, Inc. (NASDAQ:FSLR).jpegOrginal image from: https://www.defenseworld.net/2024/05/24/teacher-retirement-system-of-texas-lowers-stake-in-first-solar-inc-nasdaqfslr.html

First Solar, Inc. recently saw a reduction in stake by the Teacher Retirement System of Texas, marking a significant change in the investment landscape. The 4th quarter of the fiscal year witnessed a 40.7% decrease in the number of shares owned by the institutional investor, reflecting a strategic shift in their portfolio. The move was reported in the company’s 13F filing with the Securities & Exchange Commission, highlighting the evolving dynamics of the solar cell manufacturer’s stock.

Investment Changes by Teacher Retirement System of Texas

The Teacher Retirement System of Texas reported owning 4,665 shares of First Solar, Inc. after selling 3,197 shares during the 4th quarter. This decision led to a decrease in the value of their holdings in First Solar, amounting to $804,000 as of the most recent SEC filing. The move indicates a significant shift in the investment strategy of the Teacher Retirement System of Texas and reflects their assessment of the market conditions and the potential of First Solar as an investment.

Other Hedge Fund Movements

Aside from the Teacher Retirement System of Texas, several other hedge funds also made modifications to their holdings in First Solar during the 4th quarter. Great Diamond Partners LLC, Versor Investments LP, Principal Securities Inc., SCP Investment LP, and Altshuler Shaham Ltd were among the entities that either purchased new positions or altered their existing stakes in First Solar. These collective movements in the market indicate a dynamic landscape for investments in the solar energy sector.

First Solar Price Performance

First Solar, Inc. witnessed fluctuations in its stock price, with shares opening at $249.81 on a recent trading day. The company’s stock has seen a 1-year low of $129.21 and a high of $253.99, reflecting the volatility in the market. With a market cap of $26.74 billion and a PE ratio of 26.19, First Solar’s performance is closely monitored by investors and analysts alike.

Financial Results and Expectations

First Solar reported its quarterly earnings on May 1st, exceeding analysts’ expectations with earnings per share of $2.20. The company’s revenue for the quarter also surpassed estimates, indicating a strong performance in the market. Sell-side analysts anticipate that First Solar, Inc. will post 13.56 EPS for the current year, reflecting positive projections for the company’s financial performance.

Insider Activity and Market Sentiment

Insiders at First Solar have been active in selling company stock, with notable transactions reported recently. Insider Caroline Stockdale sold a significant number of shares, while Georges Antoun also divested a portion of their holdings. These insider activities can influence market sentiment and provide insights into the company’s performance and future prospects.

Analyst Ratings and Recommendations

First Solar has garnered attention from various research reports, with analysts offering diverse perspectives on the company’s stock. Ratings and target prices have been revised by prominent firms, reflecting the evolving market dynamics and investor sentiment towards First Solar. The consensus rating and average price target provide valuable insights for investors looking to navigate the solar energy sector.

Conclusion

The recent changes in stake by the Teacher Retirement System of Texas and other hedge funds indicate a dynamic environment for investments in First Solar, Inc. The company’s financial performance, insider activities, and analyst recommendations all contribute to the overall market sentiment towards First Solar. As investors assess the opportunities and risks associated with the solar energy sector, staying informed about these developments is crucial for making informed investment decisions.

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