Franklin Resources Inc. Expands Its Ownership in First Solar, Inc. (NASDAQ:FSLR)

Franklin Resources Inc. has notably increased its investment in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 10.4% during the third quarter, as per its latest filing with the Securities and Exchange Commission (SEC). This institutional investor now holds 131,634 shares of First Solar, following the acquisition of an additional 12,439 shares in the recent quarter. At the end of this reporting period, Franklin Resources Inc. owned approximately 0.12% of First Solar, amounting to a total value of $32,835,000.

Additional Institutional Investments in First Solar

Alongside Franklin Resources Inc., several other institutional investors have also altered their holdings in First Solar recently. For instance, AlphaMark Advisors LLC acquired a new stake valued at around $25,000 during the third quarter. Similarly, Strengthening Families & Communities LLC also purchased a new position in First Solar for approximately $25,000. Kennebec Savings Bank added a stake worth $29,000. Notably, Atlas Capital Advisors LLC significantly boosted its position by 411.1% in the second quarter and now owns 138 shares valued at $31,000 after buying an additional 111 shares. Furthermore, Summit Securities Group LLC acquired a new position in First Solar valued at $36,000 during the second quarter. Currently, institutional investors collectively own 92.08% of First Solar's stock.

Analyst Recommendations for First Solar

Recent reports from analysts regarding FSLR stocks have yielded some noteworthy upgrades. Citigroup has upgraded First Solar from a "neutral" to a "buy" rating, while also raising its target price from $200.00 to $254.00 on October 22nd. Following this, Janney Montgomery Scott changed its rating from "neutral" to "buy" and set a price objective of $260.00. Additionally, Piper Sandler increased its target price from $210.00 to $250.00, awarding the company an "overweight" rating. StockNews.com has lifted their rating on First Solar from "sell" to "hold." Lastly, Robert W. Baird reduced their price objective from $307.00 to $267.00 while maintaining an "outperform" rating for the company. Overall, data from MarketBeat indicates that the stock has garnered a consensus rating of "Moderate Buy" with an average target price of $279.04.

First Solar's Stock Performance

As of Thursday, NASDAQ:FSLR opened at $184.27. The company is characterized by a debt-to-equity ratio of 0.05 and current and quick ratios of 2.14 and 1.44, respectively. Over the past year, First Solar's stock has fluctuated, recording a low of $135.88 and a high of $306.77. The company's 50-day moving average stands at $197.18, while the 200-day moving average is $221.61. With a market capitalization of $19.73 billion, First Solar has a price-to-earnings (P/E) ratio of 15.87, a price-to-earnings-growth ratio of 0.35, and a beta of 1.46.

First Solar’s Recent Earnings

On October 29th, First Solar released its quarterly earnings data, reporting earnings per share (EPS) of $2.91. This fell short of analysts’ projections, which anticipated an EPS of $3.10 by $0.19. The company generated revenue of $887.70 million, again below the analyst consensus of $1.07 billion. With a net margin of 32.41% and a return on equity of 17.56%, First Solar demonstrated a 10.7% year-over-year increase in revenue. In the same quarter last year, the firm reported an EPS of $2.50. Analysts predict that First Solar, Inc. will achieve an EPS of 13.15 for the current fiscal year.

About First Solar

First Solar, Inc. is a notable entity in the solar technology sector, providing photovoltaic (PV) solar energy solutions not only in the United States but also in countries like France, Japan, Chile, and others worldwide. The company specializes in manufacturing and selling PV solar modules that utilize thin film semiconductor technology, offering a lower-carbon alternative to conventional crystalline silicon PV modules.

investment, stocks, solar