Integrated Advisors Network LLC decreases stake in First Solar, Inc.

By Oliver Townsend Jun 19, 2024
Integrated Advisors Network LLC Lowers Holdings in First Solar, Inc. (NASDAQ:FSLR).jpegOrginal image from:

Integrated Advisors Network LLC recently decreased its holdings in First Solar, Inc. (NASDAQ:FSLR), according to their most recent 13F filing with the Securities and Exchange Commission (SEC). This move saw the fund owning 1,685 shares of the solar cell manufacturer’s stock after selling 167 shares during the quarter. The holdings were valued at $290,000 as of the latest filing with the SEC.

Investment Activity

Several other large investors have also made changes to their holdings of FSLR. Kestra Advisory Services LLC increased its position in First Solar by 20.3% in the 3rd quarter, now owning 3,307 shares worth $534,000. QRG Capital Management Inc. acquired a new position in the 3rd quarter, while Envestnet Portfolio Solutions Inc. and Envestnet Asset Management Inc. both purchased new positions during the same period. Mirabella Financial Services LLP also bought a stake in First Solar in the 3rd quarter.

Stock Performance

First Solar’s stock opened at $262.37 on Wednesday, with a fifty-day moving average of $219.14 and a 200-day moving average of $178.86. The company has a market capitalization of $28.08 billion, a PE ratio of 27.27, and a beta of 1.47. With a debt-to-equity ratio of 0.06, quick ratio of 1.86, and current ratio of 2.41, First Solar remains a key player in the solar energy sector.

Financial Results

In its most recent quarterly earnings report, First Solar exceeded expectations with earnings per share of $2.20, surpassing the consensus estimate by $0.30. The company reported a return on equity of 16.24% and a net margin of 28.75%. Revenue for the quarter was $794.10 million, outperforming analyst estimates. Analysts project an earnings per share of 13.55 for the current year.

Insider Activities

Director Richard D. Chapman and CFO Alexander R. Bradley were involved in recent stock transactions. Chapman sold shares worth $602,869.20, while Bradley sold shares valued at $4,409,049.19. In the last 90 days, insiders have collectively sold 56,269 shares of company stock. Analysts have been closely monitoring these activities for potential impact on the market.

Analyst Ratings

FSLR has garnered attention from several research analyst reports, with price target adjustments and ratings upgrades. Analysts from Morgan Stanley, Piper Sandler, UBS Group, BMO Capital Markets, and JPMorgan Chase & Co. have all revised their price targets and ratings for First Solar. MarketBeat indicates an average rating of “Moderate Buy” for the stock.

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