5 Best Performing Growth Stocks in 2022

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

Number of Hedge Fund Holders: 45

YTD Share Price Gain in 2022 as of December 29: 67.70%

P/E Ratio as of December 29: 166.10

First Solar, Inc. (NASDAQ:FSLR) is an Arizona-based company that provides photovoltaic solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. On December 12, First Solar, Inc. (NASDAQ:FSLR) stock rose on news that the company will become part of the S&P 500. It is one of the best performing stocks this year, with shares jumping nearly 68% year-to-date as of December 29. 

On December 23, Daiwa analyst Jonathan Kees initiated coverage of First Solar, Inc. (NASDAQ:FSLR) with an Outperform rating and a $175 price target. EBITDA should rebound from 2022 lows and the Street “may not have fully factored in the rebound in forward estimates,” the analyst told investors.

According to Insider Monkey’s data, 45 hedge funds were long First Solar, Inc. (NASDAQ:FSLR) at the end of Q3 2022, compared to 26 funds in the last quarter. D E Shaw is a prominent stakeholder of the company, with 899,979 shares worth $119 million. 

Here is what GDS Investments has to say about First Solar, Inc. (NASDAQ:FSLR) in their Q4 2020 investor letter:

“First Solar recently announced blowout results for its last fiscal quarter with earnings and revenues handily beating estimates. The Biden Administration should only accelerate the inevitable shift away from fossil fuels toward renewable energy as the costs associated with solar energy production reach parity with coal and oil production. As the following chart by the International Energy Agency makes clear, demand for oil should plateau in the 2030’s and, by the 2040’s, would account for less than 20% of global energy consumption.”