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First Solar, Inc. (FSLR) Rallies 12% As It Reports Strong Second Quarter Earnings: Is It A Buy Now?

How have hedgies been trading First Solar, Inc. (NASDAQ:FSLR)?

Among the hedge funds tracked by Insider Monkey, Joel Greenblatt‘s Gotham Asset Management held the largest position in First Solar, Inc. (NASDAQ:FSLR), which contained 830,000 shares valued at $49.9 million, followed by Israel Englander‘s Millennium Management with 788,000 shares valued at $47.1 million at the end of March. Both investors initiated stakes during the first quarter.

Other hedge funds with similar optimism include, Cliff Asness‘ AQR Capital Management and Paul Orlin and Alex Porter’s Amici Capital. Mike Master’s Masters Capital Management held the largest position by the end of 2014, but it sold the entire stake of 600,000 shares during the first three months of 2015.

Hedge funds were bullish on the stock during the first three months, but the stock depreciated by 30% during the second quarter. Strong second quarter earnings is getting the company back on track again. Considering the bullish hedge fund sentiment during the first quarter, coupled with strong second-quarter earnings, we consider that First Solar is a ‘Buy’ at the moment.

Disclosure: None

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