Meeder Asset Management Inc. Sells 31,265 Shares of First Solar, Inc. (NASDAQ:FSLR)

Meeder Asset Management Inc. reduced its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 66.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,448 shares of the solar cell manufacturer’s stock after selling 31,265 shares during the quarter. Meeder Asset Management Inc.’s holdings in First Solar were worth $3,483,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Atlas Capital Advisors LLC increased its position in shares of First Solar by 411.1% during the second quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock valued at $31,000 after acquiring an additional 111 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. purchased a new stake in First Solar during the 1st quarter valued at $25,000. University of Texas Texas AM Investment Managment Co. bought a new stake in shares of First Solar in the 4th quarter worth $27,000. Summit Securities Group LLC purchased a new position in shares of First Solar in the second quarter worth $36,000. Finally, Riverview Trust Co bought a new position in shares of First Solar during the first quarter valued at $32,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Stock Performance

FSLR opened at $235.95 on Friday. The company has a 50 day simple moving average of $220.93 and a two-hundred day simple moving average of $209.11. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65. The firm has a market cap of $25.26 billion, a P/E ratio of 24.73, a PEG ratio of 0.40 and a beta of 1.44. First Solar, Inc. has a 1-year low of $129.21 and a 1-year high of $306.77.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping the consensus estimate of $2.69 by $0.56. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $939.71 million. First Solar had a net margin of 31.98% and a return on equity of 17.73%. First Solar’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.85 EPS. Equities analysts forecast that First Solar, Inc. will post 13.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Byron Michael Jeffers sold 1,766 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the sale, the chief accounting officer now owns 500 shares in the company, valued at approximately $108,250. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,506 shares of company stock worth $2,827,217. 0.58% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FSLR has been the subject of several research analyst reports. William Blair assumed coverage on First Solar in a report on Thursday, August 29th. They issued a “market perform” rating for the company. Royal Bank of Canada reissued an “outperform” rating and set a $315.00 price objective on shares of First Solar in a report on Wednesday, July 31st. Janney Montgomery Scott cut shares of First Solar from a “buy” rating to a “neutral” rating in a report on Tuesday, June 18th. Roth Mkm reaffirmed a “buy” rating and issued a $320.00 target price (up previously from $230.00) on shares of First Solar in a research report on Friday, May 31st. Finally, Oppenheimer increased their price target on First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $277.25.

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.