5 Best Solar Energy Stocks to Buy for 2022

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

Number of Hedge Fund Holders: 31

GLJ Research analyst Gordon Johnson on November 23 raised the price target on First Solar, Inc. (NASDAQ:FSLR) to $152.87 from $104.41 and kept a Buy rating on the shares. The analyst stated that the Biden Administration’s $1.9 trillion Build Back Better legislation offers a “very generous handout” to U.S. solar manufacturers like First Solar, Inc. (NASDAQ:FSLR), and the company is positioned to take advantage of an approximately 50% taxpayer subsidy on the production of 6 gigawatts solar capacity annually. 

Headquartered in Arizona, First Solar, Inc. (NASDAQ:FSLR) is an American company providing solar panels, utility-scale PV power plants, and support services including construction, maintenance, and panel recycling.

Michael Cowley’s Sandbar Asset Management is one of the leading First Solar, Inc. (NASDAQ:FSLR) stakeholders, increasing its stake in the company by 7% in the third quarter, holding 365,470 shares worth $34.8 million. Overall, 31 hedge funds in the Q3 database of Insider Monkey reported owning stakes in First Solar, Inc. (NASDAQ:FSLR), valued at $266.5 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.”