5 Best Renewable Energy Stocks to Buy Right Now

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

Number of Hedge Fund Holders: 36

First Solar, Inc. (NASDAQ:FSLR) manufactures solar panels and provides utility-scale photovoltaic power plants and supporting services that include finance, construction, maintenance, and end-of-life panel recycling. This January, Raymond James analyst Pavel Molchanov upgraded First Solar, Inc. (NASDAQ:FSLR) to Market Perform from Underperform without a price target. On March 31, 2022, SunPower Corporation (NASDAQ:SPWR) announced that it is in talks with First Solar, Inc. (NYSE:FSLR) jointly to develop residential solar panels, after which First Solar, Inc.’s (NYSE:FSLR) share price spiked by 2%. As of April 3, 2022, the company is worth $8.93 billion on the open market.

On March 1, 2022, First Solar, Inc. (NASDAQ:FSLR) released its earnings report which detailed the company’s earnings for the fiscal fourth quarter of 2021. According to the report, First Solar, Inc. (NASDAQ:FSLR) generated revenues of over $907.32 million, up 48.93% year over year. The company’s earnings per share were valued at $1.23, beating EPS estimates by $0.17.

First Solar, Inc. (NASDAQ:FSLR) is growing in popularity among elite hedge funds. As of March 11, 2022, Renaissance Technologies is the top shareholder in First Solar, Inc. (NASDAQ:FSLR), having stakes worth more than $46.5 million in the company. In addition to Renaissance Technologies, 35 other hedge funds held stakes in the company by the end of the fourth quarter of 2021. The total value of these stakes was roughly $200 million.