These 5 Renewable Energy Stocks Can Benefit as Europe Braces for Harsh Winter

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

Number of Hedge Fund Holders: 26

First Solar, Inc. (NASDAQ:FSLR) is an Arizona-based company providing photovoltaic solar energy solutions in the United States, Japan, France, Canada, India, Australia, and internationally. The company’s Europe offices are located in Frankfurt and Brussels. First Solar, Inc. (NASDAQ:FSLR) is positioned to be one of the biggest beneficiaries of the new US climate bill. 

On August 31, BofA analyst Julien Dumoulin-Smith raised the price target on First Solar, Inc. (NASDAQ:FSLR) to $152 from $141 and kept a Buy rating on the shares after the company disclosed plans to expand its U.S. manufacturing capacity with a new 3.5GW facility in the Southeast and further scaling its existing Ohio facility. The analyst believes the expansion plans are “a positive development” while also acknowledging that he already expected the update.

According to Insider Monkey’s data, 26 hedge funds were bullish on First Solar, Inc. (NASDAQ:FSLR) at the end of June 2022, compared to 35 funds in the last quarter. Louis Bacon’s Moore Global Investments is a notable position holder in the company, with 1.14 million shares worth $21 million. 

Here is what White Brook Capital had to say about First Solar, Inc. (NASDAQ:FSLR) in its Q1 2021 investor letter:

“First Solar (FSLR) and Itron (ITRI), both of which I’ve written about in past In Focus sections, were long-term positions that were sold as their prices exceeded price targets. Both are solid companies that remain on my watchlist, but the opportunity cost of not investing in other potential investments exceeded their potential mid-term returns.”