Independence Bank of Kentucky Buys 9,995 Shares of First Solar, Inc. (NASDAQ:FSLR)

Independence Bank of Kentucky increased its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 367.5% during the first quarter, HoldingsChannel reports. The fund owned 12,715 shares of the solar cell manufacturer’s stock after acquiring an additional 9,995 shares during the quarter. Independence Bank of Kentucky’s holdings in First Solar were worth $1,608,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of FSLR. Sumitomo Mitsui Trust Group Inc. increased its position in First Solar by 2.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 249,831 shares of the solar cell manufacturer’s stock worth $44,030,000 after acquiring an additional 5,691 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in First Solar by 1.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,266 shares of the solar cell manufacturer’s stock valued at $1,986,000 after buying an additional 211 shares during the period. Apollon Wealth Management LLC increased its holdings in First Solar by 4.0% in the 4th quarter. Apollon Wealth Management LLC now owns 3,802 shares of the solar cell manufacturer’s stock valued at $670,000 after buying an additional 145 shares during the period. Advisors Preferred LLC bought a new stake in First Solar in the 4th quarter valued at $1,242,000. Finally, Empowered Funds LLC increased its holdings in First Solar by 95.9% in the 4th quarter. Empowered Funds LLC now owns 14,507 shares of the solar cell manufacturer’s stock valued at $2,557,000 after buying an additional 7,103 shares during the period. Institutional investors own 92.08% of the company’s stock.

Insider Activity at First Solar

In related news, CTO Markus Gloeckler sold 9,557 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the completion of the sale, the chief technology officer now directly owns 8,037 shares of the company’s stock, valued at approximately $1,246,136.85. This represents a 54.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alexander R. Bradley sold 599 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $133.75, for a total value of $80,116.25. Following the sale, the chief financial officer now directly owns 45,717 shares of the company’s stock, valued at approximately $6,114,648.75. The trade was a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,948 shares of company stock worth $2,704,927 in the last ninety days. Company insiders own 0.48% of the company’s stock.

First Solar Stock Performance

First Solar stock opened at $166.35 on Friday. The company has a market cap of $17.84 billion, a PE ratio of 14.33, a PEG ratio of 0.19 and a beta of 1.53. The company’s 50-day moving average is $143.96 and its two-hundred day moving average is $159.64. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. First Solar, Inc. has a 1 year low of $116.56 and a 1 year high of $306.77.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.55). The firm had revenue of $844.57 million during the quarter, compared to analyst estimates of $863.11 million. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.20 earnings per share. Equities analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FSLR has been the topic of several analyst reports. Bank of America lowered their price target on shares of First Solar from $236.00 to $215.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Morgan Stanley set a $223.00 price target on shares of First Solar and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Truist Financial reissued a “buy” rating and issued a $200.00 price target (down previously from $245.00) on shares of First Solar in a report on Thursday, May 1st. Robert W. Baird lowered their price target on shares of First Solar from $267.00 to $240.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Finally, Wells Fargo & Company reduced their target price on shares of First Solar from $191.00 to $177.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $227.94.

First Solar Company Profile

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.