Bank of Nova Scotia Invests $948,000 in First Solar, Inc. (NASDAQ:FSLR)

Bank of Nova Scotia purchased a new stake in First Solar, Inc. (NASDAQ:FSLRGet Rating) during the second quarter, Holdings Channel reports. The institutional investor purchased 13,920 shares of the solar cell manufacturer’s stock, valued at approximately $948,000.

Several other hedge funds and other institutional investors have also bought and sold shares of FSLR. Covestor Ltd boosted its position in shares of First Solar by 97.7% during the first quarter. Covestor Ltd now owns 421 shares of the solar cell manufacturer’s stock worth $35,000 after purchasing an additional 208 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new stake in First Solar during the 1st quarter worth $67,000. Venture Visionary Partners LLC bought a new position in First Solar during the second quarter worth about $118,000. SOA Wealth Advisors LLC. grew its stake in First Solar by 2,394.0% in the second quarter. SOA Wealth Advisors LLC. now owns 2,494 shares of the solar cell manufacturer’s stock valued at $169,000 after acquiring an additional 2,394 shares during the period. Finally, Clearstead Advisors LLC increased its holdings in shares of First Solar by 22,940.0% in the first quarter. Clearstead Advisors LLC now owns 2,304 shares of the solar cell manufacturer’s stock worth $193,000 after acquiring an additional 2,294 shares in the last quarter. Institutional investors own 79.21% of the company’s stock.

Insider Activity

In related news, Director R Craig Kennedy sold 600 shares of the company’s stock in a transaction dated Monday, October 17th. The shares were sold at an average price of $125.68, for a total value of $75,408.00. Following the transaction, the director now owns 18,888 shares in the company, valued at approximately $2,373,843.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.54% of the company’s stock.

First Solar Price Performance

Shares of NASDAQ FSLR opened at $166.60 on Friday. The company has a quick ratio of 3.10, a current ratio of 4.09 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average price is $137.59 and its two-hundred day moving average price is $103.23. The company has a market cap of $17.76 billion, a PE ratio of 189.32 and a beta of 1.26. First Solar, Inc. has a twelve month low of $59.60 and a twelve month high of $167.58.

First Solar (NASDAQ:FSLRGet Rating) last posted its earnings results on Thursday, October 27th. The solar cell manufacturer reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.30). First Solar had a return on equity of 1.61% and a net margin of 3.75%. The business had revenue of $629.00 million for the quarter, compared to analyst estimates of $747.97 million. During the same period in the previous year, the firm posted $0.42 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year. On average, analysts predict that First Solar, Inc. will post -0.5 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on FSLR. Susquehanna Bancshares boosted their price objective on First Solar from $120.00 to $175.00 in a research report on Friday, September 9th. Argus raised their price objective on shares of First Solar from $123.00 to $176.00 in a report on Thursday, November 10th. Bank of America boosted their price objective on shares of First Solar from $138.00 to $165.00 and gave the company a “buy” rating in a research report on Monday, October 31st. Credit Suisse Group lifted their price target on First Solar to $137.00 in a research note on Tuesday, November 1st. Finally, StockNews.com initiated coverage on First Solar in a research report on Wednesday, October 12th. They set a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $161.96.

First Solar Profile

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First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

Further Reading

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Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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