5 Best Alternative Fuel Stocks to Buy Now

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

Number of Hedge Fund Holders: 34
Total Value of Hedge Fund Holdings: 406 Million

Ranking 3nd in our list of 10 best alternative fuel stocks to buy now is First Solar, Inc. (NASDAQ:FSLR). The Arizona-based solar panel manufactures and provides utility-scale PV power plants. Earlier this month, the company began a partnership with Nel Hydrogen Electrolyser, a division of Nel ASA, to establish a supervisory monitoring and data acquisition system for automated power plant control.

First Solar, Inc. (NASDAQ:FSLR) has a market cap of $7.39 billion. The company’s net sales in the first quarter of 2021 came in at $803 million. Shares of FSLR jumped 84% over the past twelve months. In May, B of A Securities upgraded First Solar to Neutral and announced a price target of $86.

There were 34 hedge funds that reported owning stakes in First Solar, Inc. (NASDAQ:FSLR) at the end of the fourth quarter. The total value of these stakes at the end of Q4 is $406 million.

White Brook Capital, in their Q1 2021 investor letter, mentioned First Solar, Inc. (NASDAQ: FSLR) and Itron, Inc. (NASDAQ: ITRI). Here is what White Brook Capital has to say in its 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.”