Louis Navellier’s 2023 Portfolio: 5 Growth Stocks to Watch

In this article, we discuss 5 growth stocks to watch in Louis Navellier’s 2023 portfolio. If you want to see more stocks in this selection, check out Louis Navellier’s 2023 Portfolio: 15 Growth Stocks to Watch. 

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

Stake Value of Navellier & Associates: $4,752,810

Number of Hedge Fund Holders: 39

First Solar, Inc. (NASDAQ:FSLR) offers solar energy solutions utilizing photovoltaic technology. The company specializes in the design, manufacturing, and sale of solar modules made of cadmium telluride, which efficiently convert sunlight into electricity. In the first quarter of 2023, Louis Navellier’s Navellier & Associates added First Solar, Inc. (NASDAQ:FSLR) to its portfolio by purchasing 21,852 shares worth $4.75 million, representing 0.99% of the total holdings. 

On May 22, Piper Sandler increased its price target on First Solar, Inc. (NASDAQ:FSLR) from $225 to $260 and maintained an Overweight rating on the shares. The Q1 earnings season in the renewable and alternative energy sector was described as a rollercoaster by the firm, with a mix of notable positive and negative performance, unexpected capital markets activities, and domestic content guidance. Piper Sandler views domestic content guidance as a positive factor for the industry as a whole and identifies First Solar, Inc. (NASDAQ:FSLR) as a key beneficiary of this guidance. 

According to Insider Monkey’s first quarter database, 39 hedge funds were bullish on First Solar, Inc. (NASDAQ:FSLR), compared to 44 funds in the prior quarter. Robert Pohly’s Samlyn Capital is a significant stakeholder of the company, with a position worth $121.5 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.”