Tobam has significantly increased its investment in First Solar, Inc. (NASDAQ:FSLR), boosting its holdings by 56.6% during the first quarter, according to a recent Form 13F filing with the Securities and Exchange Commission. The firm now owns 23,330 shares of the solar technology company’s stock, which accounts for 1.3% of Tobam’s portfolio, making First Solar its 26th largest investment. As of the latest filing, Tobam’s stake in First Solar is valued at approximately $2,950,000.
Other institutional investors have also been active regarding First Solar. For instance, Smartleaf Asset Management LLC raised its position by 31.7% in the fourth quarter, and several firms, including Hudson Edge Investment Partners Inc., Banque Transatlantique SA, and Princeton Global Asset Management LLC, acquired new positions in the company, indicating a growing interest in First Solar among hedge funds. Notably, institutional investors now own 92.08% of the company’s stock.
In terms of analyst ratings, First Solar has seen mixed adjustments recently. Notable changes include Susquehanna reducing its price target from $223 to $217 while maintaining a “positive” rating. Conversely, Citigroup lowered its target from $254 to $236 and rated the stock as “neutral.” The consensus among analysts places First Solar in a “Moderate Buy” category, with a general price target of $229.19.
The stock has shown some resilience, trading at $175.25 with a 12-month low of $116.56 and a high of $274.08. While the company reported a decline in earnings per share, with Q1 figures coming in at $1.95 against a consensus estimate of $2.50, revenue experienced a 6.4% increase compared to the previous year.
As First Solar continues to navigate the competitive solar energy market, its innovative approach to manufacturing PV solar modules, which offer a lower-carbon alternative to traditional systems, positions the company favorably for future growth opportunities in the expanding renewable energy sector. With increasing investor confidence and a robust commitment to sustainability, First Solar may well be on track for an upward trajectory in the coming months as more institutions seek out sustainable investment options.