SBI Securities Increases Stake in First Solar by 33.8% in Q2

SBI Securities Co. Ltd. has significantly increased its investment in First Solar, Inc. (NASDAQ: FSLR) by 33.8% during the second quarter of 2023. According to the company’s latest Form 13F filing with the Securities and Exchange Commission, SBI now owns 973 shares of the solar panel manufacturer after acquiring an additional 246 shares in that period. The value of SBI’s holdings in First Solar amounts to approximately $161,000.

A number of institutional investors have also made notable adjustments to their positions in First Solar. Vanguard Group Inc. raised its stake by 3.0% during the first quarter, bringing its total ownership to 13,200,342 shares, valued at about $1.67 billion. Similarly, Wellington Management Group LLP increased its holdings by 17.2%, owning now 2,765,303 shares worth around $349.6 million. Other significant players include Invesco Ltd., which boosted its stake by 32.3% to 2,427,500 shares, and Samlyn Capital LLC, which raised its holdings by 6.3%.

Currently, institutional investors and hedge funds collectively own 92.08% of First Solar’s stock.

Stock Performance and Market Insights

As of the latest trading session, First Solar shares opened at $253.08, reflecting a 1.4% decline. The company has experienced a 12-month range, with a low of $116.56 and a high of $281.55. First Solar, Inc. boasts a market capitalization of $27.16 billion, a price-to-earnings ratio of 21.65, and a beta value of 1.51. The company’s moving averages over the last 50 days and 200 days stand at $232.81 and $193.17, respectively. Financially, it shows a strong position with a debt-to-equity ratio of 0.04 and a current ratio of 1.90.

Recent Insider Transactions

In related news, significant insider trading activity has been reported. On November 4, 2023, insider Georges Antoun sold 37,412 shares at an average price of $265.01, resulting in a total transaction worth approximately $9.91 million. Following this sale, Antoun’s ownership dropped by 70.81% to 15,424 shares, valued at around $4.09 million.

Additionally, Director Michael T. Sweeney sold 4,500 shares on November 6, 2023 for a total of $1.22 million, representing a 24.78% decrease in his holdings. Over the last three months, insiders have sold a total of 48,912 shares valued at approximately $12.97 million. Currently, insiders own 0.48% of the company’s stock.

Analyst Ratings and Future Outlook

Several analysts have recently updated their ratings on First Solar. Susquehanna increased its target price from $273.00 to $285.00, while Barclays reaffirmed an “overweight” rating with a price target of $279.00. Other analysts, including Robert W. Baird and Wolfe Research, have also adjusted their price objectives upwards, indicating a generally positive outlook for the company.

With two analysts issuing a “Strong Buy” rating, twenty-six recommending a “Buy,” and six suggesting a “Hold,” the consensus rating stands at “Moderate Buy,” with an average price target of $269.79, according to MarketBeat.

First Solar, Inc. specializes in photovoltaic (PV) solar energy solutions, operating in the United States, France, Japan, Chile, and other markets. The company manufactures PV solar modules using thin-film semiconductor technology, providing a more sustainable alternative to traditional crystalline silicon solar panels.