Praxis Investment Management Inc. Acquires 2,440 Shares of First Solar, Inc. (NASDAQ:FSLR)

Praxis Investment Management Inc. grew its position in First Solar, Inc. (NASDAQ:FSLR) by 131.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,300 shares of the solar cell manufacturer’s stock after acquiring an additional 2,440 shares during the quarter. Praxis Investment Management Inc.’s holdings in First Solar were worth $544,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Congress Park Capital LLC bought a new stake in First Solar in the 1st quarter worth approximately $322,000. Lumbard & Kellner LLC increased its stake in First Solar by 71.0% in the 1st quarter. Lumbard & Kellner LLC now owns 46,393 shares of the solar cell manufacturer’s stock worth $5,865,000 after acquiring an additional 19,266 shares during the last quarter. State of Alaska Department of Revenue increased its stake in First Solar by 2.6% in the 1st quarter. State of Alaska Department of Revenue now owns 12,529 shares of the solar cell manufacturer’s stock worth $1,584,000 after acquiring an additional 320 shares during the last quarter. Rakuten Securities Inc. increased its stake in First Solar by 116.3% in the 1st quarter. Rakuten Securities Inc. now owns 465 shares of the solar cell manufacturer’s stock worth $59,000 after acquiring an additional 250 shares during the last quarter. Finally, QRG Capital Management Inc. increased its stake in First Solar by 375.9% in the 1st quarter. QRG Capital Management Inc. now owns 8,048 shares of the solar cell manufacturer’s stock worth $1,017,000 after acquiring an additional 6,357 shares during the last quarter. Institutional investors own 92.08% of the company’s stock.

First Solar Price Performance

Shares of FSLR stock opened at $145.00 on Monday. First Solar, Inc. has a twelve month low of $116.56 and a twelve month high of $268.12. The stock has a market capitalization of $15.55 billion, a price-to-earnings ratio of 12.33, a P/E/G ratio of 0.29 and a beta of 1.53. The stock has a fifty day simple moving average of $150.25 and a two-hundred day simple moving average of $156.62. The company has a current ratio of 1.93, a quick ratio of 1.39 and a debt-to-equity ratio of 0.04.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.55). First Solar had a return on equity of 16.32% and a net margin of 29.72%. The firm had revenue of $844.57 million during the quarter, compared to analysts’ expectations of $863.11 million. During the same quarter in the prior year, the company posted $2.20 earnings per share. First Solar’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, analysts predict that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company reduced their price objective on First Solar from $191.00 to $177.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. Piper Sandler cut their target price on First Solar from $230.00 to $205.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Wolfe Research raised First Solar from a “peer perform” rating to an “outperform” rating and set a $221.00 target price on the stock in a research report on Tuesday, May 13th. Jefferies Financial Group raised First Solar from a “hold” rating to a “buy” rating and boosted their target price for the company from $157.00 to $192.00 in a research report on Wednesday, June 11th. Finally, Roth Mkm reissued a “buy” rating and set a $280.00 target price on shares of First Solar in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $229.19.

Insiders Place Their Bets

In other First Solar news, CTO Markus Gloeckler sold 9,557 shares of the company’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total value of $1,481,812.85. Following the completion of the sale, the chief technology officer now directly owns 8,037 shares in the company, valued at approximately $1,246,136.85. This represents a 54.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patrick James Buehler sold 1,868 shares of the company’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $149.08, for a total value of $278,481.44. Following the sale, the insider now owns 5,998 shares of the company’s stock, valued at $894,181.84. This trade represents a 23.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,376 shares of company stock worth $2,227,172. 0.48% of the stock is currently owned by company insiders.

About First Solar

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.