Bank of Nova Scotia Acquires 48,121 Shares of First Solar, Inc. (NASDAQ:FSLR)

Key Points

• Bank of Nova Scotia increased its stake in First Solar, Inc. by 224.7%, acquiring an additional 48,121 shares during the first quarter, bringing its total holdings to 69,539 shares valued at approximately $8.79 million.
• First Solar's consensus rating is categorized as a "Moderate Buy" with an average price target of $221.90, as analysts continue to show confidence despite some recent changes in price targets.
• For its latest quarter, First Solar reported earnings of $3.18 per share, exceeding expectations and reflecting an 8.6% increase in revenue compared to the same quarter last year.

Bank of Nova Scotia boosted its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 224.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,539 shares of the solar cell manufacturer's stock after acquiring an additional 48,121 shares during the quarter. Bank of Nova Scotia owned 0.06% of First Solar worth $8,790,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Garde Capital Inc. bought a new stake in First Solar during the 1st quarter worth approximately $25,000. Larson Financial Group LLC grew its holdings in First Solar by 591.9% during the 1st quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer's stock worth $32,000 after acquiring an additional 219 shares during the last quarter. Banque Transatlantique SA bought a new stake in First Solar during the 4th quarter worth approximately $53,000. Abound Financial LLC bought a new stake in First Solar during the 1st quarter worth approximately $45,000. Finally, Princeton Global Asset Management LLC bought a new stake in First Solar during the 1st quarter worth approximately $51,000. 92.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of First Solar from $200.00 to $208.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Robert W. Baird dropped their price target on shares of First Solar from $267.00 to $240.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Piper Sandler dropped their price target on shares of First Solar from $230.00 to $205.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Morgan Stanley set a $223.00 price target on shares of First Solar and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Finally, Glj Research upgraded shares of First Solar from a "hold" rating to a "buy" rating and set a $172.37 price target on the stock in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, First Solar currently has a consensus rating of "Moderate Buy" and an average target price of $221.90.

First Solar Stock Performance

NASDAQ:FSLR opened at $183.42 on Tuesday. The business's 50-day moving average price is $166.31 and its two-hundred day moving average price is $152.83. First Solar, Inc. has a twelve month low of $116.56 and a twelve month high of $262.72. The stock has a market cap of $19.67 billion, a P/E ratio of 15.69, a PEG ratio of 0.35 and a beta of 1.48. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.50. First Solar had a return on equity of 15.57% and a net margin of 28.95%. The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter last year, the firm posted $3.25 EPS. The company's revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts predict that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Insider Buying and Selling at First Solar

In other news, insider Patrick James Buehler sold 1,600 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $180.00, for a total transaction of $288,000.00. Following the transaction, the insider directly owned 4,398 shares in the company, valued at approximately $791,640. This represents a 26.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Markus Gloeckler sold 9,557 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $155.05, for a total value of $1,481,812.85. Following the transaction, the chief technology officer owned 8,037 shares in the company, valued at $1,246,136.85. This trade represents a 54.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,976 shares of company stock valued at $2,515,172 in the last 90 days. Corporate insiders own 0.48% 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.

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