5 Best Renewable Energy Stocks to Buy Now

In this article, we will take a look at the 5 best renewable energy stocks to buy now. To see more such companies, go directly to 12 Best Renewable Energy Stocks to Buy Now.

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

Number of Hedge Fund Holders:  44

Insider Monkey’s proprietary database of 943 hedge funds and their holdings shows that 43 hedge funds had stakes in First Solar, Inc. (NASDAQ:FSLR) as of the end of the last quarter of 2022. The total worth of these stakes was over $699 million. The biggest stakeholder of First Solar, Inc. (NASDAQ:FSLR) was Todd J. Kantor’s Encompass Capital Advisors which owns a $65 million stake in the company.

First Solar, Inc. (NASDAQ:FSLR) jumped earlier this month after UBS upgraded the stock to Buy from Neutral with a $250 price target. The new price target was a major increase from the firm’s previous price target of $140. UBS believes First Solar, Inc. (NASDAQ:FSLR) is “the most significant beneficiary” of the Inflation Reduction Act.

UBS said that First Solar, Inc. (NASDAQ:FSLR) is positioned well to take advantage of the high demand for its domestic capacity.