5 Best Solar Stocks to Buy Now

In this article, we will take a look at the five best solar stocks to buy now. If you want to read about more stocks and the industry itself, then head on over to 11 Best Solar Stocks to Buy Now.

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

Number of Hedge Fund Holders: 26

First Solar, Inc. (NASDAQ:FSLR) is an American photovoltaic solar product provider that is headquartered in Tempe, Arizona. The company provides solar modules that convert solar energy into electricity and it sells its products to both residential and commercial customers.

First Solar, Inc. (NASDAQ:FSLR) is one of the largest beneficiaries of the Inflation Reduction Act that was passed in the United States Senate earlier this month. The bill will provide $40 billion in assistance to solar manufacturers, and First Solar, Inc. (NASDAQ:FSLR) already has a manufacturing footprint in the U.S. and plans to increase it because of the new legislation. First Solar, Inc. (NASDAQ:FSLR) is also on a strong bookings track this year, as its 44 GW of expected shipments in the first half is twice what it shipped in 2021. Additionally, most of its products have already been booked until 2024, indicating that there is a strong demand that is unlikely to die down. Additionally, the company is expected to grow its sales by 26% and 28% in 2023 and 2024, respectively.

Piper Sandler increased First Solar, Inc. (NASDAQ:FSLR)’s share price target to $165 from $120 in August 2022 as it shared that the firm had a strong Q2 and manufacturing tax credits will drive its sales. 26 of the 895 hedge funds part of Insider Monkey’s Q2 2022 survey had held a stake in the company.

First Solar, Inc. (NASDAQ:FSLR)’s largest investor is D. E. Shaw’s D E Shaw which owns 881,545 shares that are worth $68 million.