5 Best Multibagger Stocks to Buy for 2024

4. First Solar, Inc. (NASDAQ:FSLR)

Number of Hedge Fund Holders: 39

1-Year Share Price Gain as of July 7: 172.97%

First Solar, Inc. (NASDAQ:FSLR) is an American company that provides solar power solutions. Currently, the company stock is trading at a high premium yet Goldman Sachs believes the company stock can go even higher due to “multiple catalysts brewing”. On June 27, the firm reaffirmed a Buy rating on First Solar, Inc. (NASDAQ:FSLR) stock with a $272 price target. The company stock closed at $189.14 on July 7 and represented a gain of 172.97% in the last twelve months.

First Solar, Inc. (NASDAQ:FSLR) is one of the leading renewable energy companies in the world. Analysts are bullish on the company stock despite it trading at a TTM PE ratio of 450.33. One of the reasons for this sentiment could be the fast growth of the solar power industry. In the first quarter of 2023, solar power experienced the most growth in its history, and its usage could double in the next five years. In 2023, 54% of all the new electricity generating capacity in the US is expected to be solar.

On June 30, First Solar, Inc. (NASDAQ:FSLR) entered into a five-year revolving credit and guarantee facility. The revolving credit facility is valued at $1 billion and J.P. Morgan Chase is its administrative agent.

Here is what White Brook Capital had to say about First Solar, Inc. (NASDAQ:FSLR) in its Q1 2021 investor letter:

“First Solar (FSLR) and Itron (ITRI), both of which I’ve written about in past In Focus sections, were long-term positions that were sold as their prices exceeded price targets. Both are solid companies that remain on my watchlist, but the opportunity cost of not investing in other potential investments exceeded their potential mid-term returns.”