#2 First Solar, Inc. (NASDAQ:FSLR)
Investors with Long Positions (as of September 30): 34
Aggregate Value of Investors’ Holdings (as of September 30): $350.91 Million
During the third quarter the total number of hedge funds holding First Solar in their portfolios increased by four, while the aggregate value of these holdings appreciated by 25%. Although the stock price fell by 7.3% during this period, it is up by over 34% year-to-date. Oppenheimer recently reiterated its ‘Outperform’ rating for the company and increased its price target to $66 from $61. Recently, shares of First Solar, Inc. (NASDAQ:FSLR) have taken a hit after the company announced its 2016 guidance, which failed to impress the investors. However, it is in more of a consolidation phase during which the company is looking to upgrade equipment to improve efficiency and hence the gross margins. Millennium Management holds about 1.06 million shares of First Solar, Inc. (NASDAQ:FSLR).
#1 Sunedison Inc (NYSE:SUNE)
Investors with Long Positions (as of September 30): 73
Aggregate Value of Investors’ Holdings (as of September 30): $1.06 Billion
The $1.44 billion developer and seller of photovoltaic energy solution’s acquisition binge has landed itself in considerable trouble as concerns of bankruptcy eroded its market value. So far this year the stock is down by about 70%. However, this might be just the right time to gain exposure to the world’s leading renewable energy developer as the concerns seem to be extremely overplayed. Sunedison Inc (NYSE:SUNE)’s stock recently gained back some ground when the company sold $209 million worth of assets to Terra Nova. In addition the management has reduced workforce, cut off some projects and renegotiated the deal to acquire Vivint Solar (NYSE:VSLR). Hedge funds collectively held about 47% of Sunedison’s outstanding stock at the end of September. During the third quarter the total number of hedge funds having investments in the company shrank by 20 and the corresponding value of these aggregate holdings fell by a whopping 80%. David Einhorn‘s Greenlight Capital holds about 18.61 million shares of Sunedison Inc (NYSE:SUNE) valued at $133.59 million as of the end of September.