First Solar, Inc. (NASDAQ:FSLR) director Richard D. Chapman has sold 7,264 shares of the company's common stock, a transaction totaling approximately $1.8 million. This sale occurred on May 22, 2024, with the shares priced at $248.95 each.
The transaction has adjusted Chapman's direct holdings in the company, leaving him with 10,440 shares owned indirectly through a trust, following the sale. Additionally, Chapman holds 1,045 shares of First Solar's common stock directly. The recent sale by the director has been publicly disclosed as required by the Securities and Exchange Commission regulations for company insiders.
First Solar, based in Tempe, Arizona, is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today.
Investors often monitor insider transactions as they can provide insights into a company's financial health and management's confidence in the company's prospects. However, it's important to note that insider selling does not necessarily indicate a lack of confidence in the company; it can also be motivated by personal financial management or other reasons unrelated to the company's performance.
First Solar continues to be a significant player in the semiconductors and related devices industry, with a focus on manufacturing solar PV systems designed for the large-scale, grid-connected and off-grid solar power markets.
The transactions detailed in this report are factual and based on the latest filings with the SEC, providing investors with up-to-date information on insider trades within First Solar, Inc.
InvestingPro Insights
Following the recent insider sale by director Richard D. Chapman, First Solar, Inc. (NASDAQ:FSLR) remains a company of interest in the renewable energy sector. With a strong market capitalization of $26.74 billion and a reported revenue growth of 27.28% over the last twelve months as of Q1 2024, First Solar exhibits signs of robust financial health and expansion.
Investors might find the company's favorable liquidity position noteworthy, as First Solar holds more cash than debt on its balance sheet, an InvestingPro Tip that suggests financial stability. This is further supported by the fact that the company's liquid assets exceed its short-term obligations, providing a cushion for operational needs or strategic investments.
Moreover, the company's stock has shown a significant return over the last week, with a price total return of 29.35%. This performance is part of a larger trend, as First Solar has also experienced strong returns over the last month and three months, with increases of 39.78% and 76.18%, respectively. This upward trajectory is reflected in the stock trading near its 52-week high, at 98.35% of this peak value.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/FSLR. These include insights on sales growth expectations for the current year and analysts' profitability predictions. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a total of 15 InvestingPro Tips for First Solar, Inc.
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