Bank of Nova Scotia Decreases Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Bank of Nova Scotia lessened its holdings in First Solar, Inc. (NASDAQ:FSLR) by 1.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,418 shares of the solar cell manufacturer’s stock after selling 283 shares during the quarter. Bank of Nova Scotia’s holdings in First Solar were worth $3,774,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FSLR. Smartleaf Asset Management LLC boosted its position in shares of First Solar by 31.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after acquiring an additional 63 shares in the last quarter. Crews Bank & Trust acquired a new position in First Solar in the fourth quarter valued at approximately $53,000. Hudson Edge Investment Partners Inc. purchased a new position in First Solar in the fourth quarter valued at approximately $53,000. CoreFirst Bank & Trust purchased a new stake in shares of First Solar during the 4th quarter worth approximately $54,000. Finally, Montag A & Associates Inc. boosted its holdings in shares of First Solar by 18.8% in the 4th quarter. Montag A & Associates Inc. now owns 475 shares of the solar cell manufacturer’s stock valued at $84,000 after buying an additional 75 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors and hedge funds.

First Solar Price Performance

FSLR opened at $125.93 on Friday. The company has a 50 day moving average of $139.83 and a two-hundred day moving average of $176.18. First Solar, Inc. has a 52-week low of $116.56 and a 52-week high of $306.77. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The company has a market cap of $13.48 billion, a P/E ratio of 10.85, a P/E/G ratio of 0.19 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. On average, analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on FSLR shares. Truist Financial reiterated a “buy” rating and set a $245.00 price target (down from $285.00) on shares of First Solar in a research note on Wednesday, April 2nd. Morgan Stanley cut their price objective on shares of First Solar from $297.00 to $238.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. Royal Bank of Canada dropped their price objective on First Solar from $280.00 to $251.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. UBS Group reduced their price target on shares of First Solar from $360.00 to $285.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Finally, Seaport Res Ptn upgraded shares of First Solar from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 15th. Four equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $256.08.

Insider Activity

In other First Solar news, CTO Markus Gloeckler sold 380 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $133.75, for a total transaction of $50,825.00. Following the completion of the sale, the chief technology officer now owns 17,594 shares in the company, valued at $2,353,197.50. This trade represents a 2.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark R. Widmar sold 21,542 shares of First Solar stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $141.09, for a total value of $3,039,360.78. Following the sale, the chief executive officer now owns 103,403 shares in the company, valued at $14,589,129.27. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,311 shares of company stock worth $4,767,158 over the last 90 days. Company insiders own 0.58% of the company’s stock.

First Solar 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.