5 Best Alternative Energy Stocks To Buy Now

4. First Solar Inc. (NASDAQ:FSLR)

Hedge Fund Holdings: 51

Based in Tempe, Arizona, First Solar Inc. (NASDAQ:FSLR) is an American energy company which focuses on the manufacture of solar panels, and provides utility-scale PV power plants. Investor interest around First Solar Inc. (NASDAQ:FSLR) has skyrocketed in Q2 2023, with 51 hedge funds having stakes in the company. This is significantly up from Q1 2023, when 39 hedge funds were long the stock.

On October 19, JPMorgan analysts upgraded First Solar Inc. (NASDAQ:FSLR) from Neutral to Overweight, and lowered the price target on the shares to $185 from $330. On October 12, Barclays had also upgraded the stock to Overweight from Equal-Weight with a $224 price target. This was largely due the company’s rising visibility among utility-scale and clean energy peers. According to the analysts, the stock’s recent pullback in Q2 2023 skews the risk-reward ratio in its favor, especially since the company has the best visibility into medium-term growth prospects. Although there are longer term risks, First Solar Inc. (NASDAQ:FSLR) boasts enormous near-term value, especially considering the overall solar industry has traded down due to skyrocketing inflation, and concerns over developer cost and access to capital.