D.A. Davidson & CO. increases stake in First Solar.

By Oliver Townsend May 28, 2024
D.A. Davidson & CO. Grows Stock Position in First Solar, Inc. (NASDAQ:FSLR).jpegOrginal image from: https://www.defenseworld.net/2024/05/28/d-a-davidson-co-grows-stock-position-in-first-solar-inc-nasdaqfslr.html

Investment firm D.A. Davidson & CO. has been actively growing its stock position in First Solar, Inc. (NASDAQ:FSLR) in recent months. This move reflects the firm’s confidence in the solar cell manufacturer’s potential for growth and profitability. As of the latest Form 13F filing with the Securities and Exchange Commission (SEC), D.A. Davidson & CO. has increased its stake in First Solar by 13.3%, demonstrating a strong belief in the company’s performance.

Strategic Investment Growth

D.A. Davidson & CO. now holds 5,075 shares of First Solar, with a total value of $874,000 at the end of the last quarter. This increase in stock position indicates the firm’s positive outlook on First Solar’s future prospects and financial health. Other large investors, such as Zurcher Kantonalbank Zurich Cantonalbank and Assenagon Asset Management S.A., have also shown interest in First Solar by growing their holdings in the company during the fourth quarter.

Sora Investors LLC, Vanguard Group Inc., and Bull Oak Capital LLC are among the other institutional investors that have seen significant growth in their stakes in First Solar. This collective increase in ownership by various firms underscores the market’s confidence in First Solar’s performance and potential for long-term success.

Analyst Recommendations and Price Targets

Analysts have been closely monitoring First Solar’s stock performance, with several firms adjusting their price targets and ratings for the company. Barclays, Susquehanna, JPMorgan Chase & Co., Wells Fargo & Company, and Janney Montgomery Scott are among the firms that have updated their price objectives and ratings for First Solar in recent reports.

Barclays, for example, raised its price target on First Solar to $228.00 and gave the stock an “overweight” rating, reflecting a positive outlook on the company’s growth potential. Other firms have also issued buy ratings and revised price targets upwards, indicating a consensus among analysts regarding First Solar’s favorable position in the market.

Financial Performance and Outlook

First Solar’s stock performance has shown resilience, with the company’s shares opening at $276.74 and maintaining a strong market cap of $29.62 billion. The company’s solid financial standing, highlighted by a price-to-earnings ratio of 29.01 and a price-to-earnings-growth ratio of 0.37, underscores its stability and growth potential.

In its most recent quarterly earnings report, First Solar exceeded analysts’ expectations by reporting $2.20 EPS, surpassing the consensus estimates. The company’s revenue of $794.10 million for the quarter also outperformed projections, signaling a robust financial performance and positive momentum for future growth.

Insider Activity and Market Position

First Solar has seen notable insider activity, with directors and executives selling shares in recent transactions. Director R Craig Kennedy and insider Georges Antoun are among those who have sold shares of First Solar stock, reflecting a strategic realignment of positions within the company.

Despite insider selling, First Solar remains a strong player in the market, with institutional investors holding a significant portion of the company’s stock. With a diverse range of investors showing confidence in First Solar’s growth trajectory, the company is well-positioned for continued success in the renewable energy sector.

Conclusion

Overall, D.A. Davidson & CO.’s increased stock position in First Solar, along with positive analyst ratings and the company’s strong financial performance, reinforces the market’s confidence in First Solar’s future prospects. As the renewable energy industry continues to expand, First Solar stands out as a key player poised for sustained growth and success in the evolving energy landscape.

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *