10 Best Renewable Energy Stocks To Buy According to Hedge Funds

4. First Solar (NASDAQ:FSLR)  

Number of Hedge Fund Holders: 66  

Market Capitalization as of September 2: $24.33 Billion  

First Solar (NASDAQ:FSLR) is one of the largest solar companies in the United States and supplies thin-film photovoltaic (PV) solar panels to large-scale solar power plants. The company also has operations in Malaysia and Vietnam.

In Q2, First Solar (NASDAQ:FSLR) reported that its revenue increased 24.7% to $1.01 billion, and EBITDA rose 95% year-over-year to $470 million due to higher selling prices and improved gross margins. The company’s gross margin reached an impressive 49.4%. The company’s products are high in demand and have an order backlog till 2030. First Solar (NASDAQ:FSLR) is expanding its production capacity and recently completed the expansion of its Ohio plant. First Solar (NASDAQ:FSLR) is constructing new facilities in Louisiana and Alabama which are expected to nearly double its production capacity in the United States, and will position the company to meet the growing demand for solar energy in the United States.

First Solar’s (NASDAQ:FSLR) TOPCon technology is currently under the process of patenting and will enhance the efficiency of its solar panels. The royalties from the patent can also provide an additional revenue stream, which can further strengthen the company’s financial position. First Solar’s (NASDAQ:FSLR) is expected to grow its earnings by almost 55% this year. Industry analysts have a consensus on the stock’s Buy rating, setting an average share price forecast at $292.22, which represents a 28% upside potential from current levels. As of September 2, First Solar (NASDAQ:FSLR) has a market cap of $24.33 billion. The company’s stock is held by 66 hedge funds as of the second quarter, with stakes worth $1.68 billion. As of June 30, Citadel Investment Group is the largest shareholder in the company and owns stocks worth $766.56 million.