Investment Management Corp of Ontario Increases Stake in First Solar, Inc.

Investment Management Corp of Ontario has significantly increased its investment in First Solar, Inc. (NASDAQ:FSLR) by 169.9% during the third quarter, based on the latest Form 13F filing with the Securities and Exchange Commission (SEC). After acquiring an additional 3,794 shares, the fund now owns 6,027 shares in the solar cell manufacturer, with a total holding valued at approximately $1,503,000.

Other Major Investors in First Solar

Several other large investors have also adjusted their stakes in First Solar recently. For instance, Electron Capital Partners LLC made a remarkable leap, raising its holdings in First Solar by an astonishing 81,947.0% in the second quarter. Following this adjustment, Electron Capital now possesses 7,669,757 shares, equating to a value of around $1,729,223,000 after purchasing an additional 7,660,409 shares during that period.

Robeco Institutional Asset Management B.V. similarly increased its position, boosting its stake by 1,757.2% in the third quarter. This investment now includes 546,193 shares worth approximately $136,242,000 after acquiring an additional 516,783 shares. Additionally, Erste Asset Management GmbH established a new position in First Solar during the third quarter, valued at roughly $67,652,000. Anomaly Capital Management LP also jumped in, buying a new stake worth about $53,752,000 in the second quarter. Lastly, International Assets Investment Management LLC expanded its holdings significantly by 24,844.0% in the third quarter, owning now 217,512 shares valued at $542,560,000 after acquiring an additional 216,640 shares. Remarkably, 92.08% of First Solar's stock is currently held by institutional and hedge fund investors.

Analyst Ratings for First Solar

First Solar has recently garnered attention from multiple analysts. On August 29th, William Blair initiated coverage with a "market perform" rating on the stock. Meanwhile, Royal Bank of Canada adjusted its price target for First Solar, lowering it from $315.00 to $280.00 while maintaining an "outperform" rating. Wells Fargo & Company also revised their price objective, cutting it from $250.00 to $240.00 but reaffirming an "overweight" rating. Additionally, HSBC Global Research elevated First Solar's rating to "strong-buy" on October 9th. Evercore ISI adjusted its target price from $281.00 to $278.00 while maintaining an "outperform" rating. In total, four research analysts have given the company a hold rating, while twenty-three have rated it as a buy and one has labeled it as a strong buy. According to data from MarketBeat.com, First Solar currently enjoys a consensus rating of "Moderate Buy" with an average price target of $280.71.

Recent Price Movements of First Solar

First Solar shares opened at $197.93 recently, and the company has a market capitalization of $21.19 billion. Its current price-to-earnings ratio stands at 17.36, with a PEG ratio of 0.36 and a beta of 1.46. The firm has a debt-to-equity ratio of 0.05, a current ratio of 2.14, and a quick ratio of 1.44. Its 50-day simple moving average is $205.75, and the 200-day simple moving average is $225.91. Over the past year, the stock has ranged between a low of $135.88 and a high of $306.77.

First Solar's Earnings Report

First Solar recently released its quarterly earnings report on October 29th, revealing an earnings-per-share (EPS) of $2.91, which was below the consensus estimate of $3.10 by $0.19. The company's revenue for the quarter was $887.70 million, significantly lower than analysts' expectations of $1.07 billion. Despite these earnings, First Solar saw an increase in revenue, up 10.7% year-over-year. The company's return on equity was reported at 17.56%, with a net margin of 32.41%. Analysts forecast that First Solar, Inc. will achieve an EPS of 13.15 for the current year.

About First Solar

First Solar, Inc. is a solar technology firm that specializes in providing photovoltaic (PV) solar energy solutions both domestically and internationally in places like the United States, France, Japan, and Chile. The company is known for its production of PV solar modules utilizing thin film semiconductor technology, which provides a more sustainable alternative compared to traditional crystalline silicon PV solar modules.

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