5 Solar Stocks Billionaires Are Loading Up On

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

Number of Hedge Fund Holders: 39

Number of Billionaire Investors: 13

First Solar, Inc. (NASDAQ:FSLR) offers solar energy solutions using photovoltaic (PV) technology. The company specializes in designing, manufacturing, and selling solar modules made of cadmium telluride, which efficiently convert sunlight into electricity. In Q1 2023, First Solar, Inc. (NASDAQ:FSLR) was part of 13 billionaire portfolios. 

On May 31, Argus analyst Kristina Ruggeri maintained a Buy rating on First Solar, Inc. (NASDAQ:FSLR) and assigned a price target of $261. Additionally, Ruggeri raised the firm’s earnings per share projection for FY24 to $11.97, up from $11.16. This forecast indicates a potential increase of nearly 65% compared to the estimated earnings for FY23. The analyst explained that First Solar, Inc. (NASDAQ:FSLR) is expected to benefit from rising demand due to its customers becoming eligible for tax credits if their projects meet U.S. content requirements. 

According to Insider Monkey’s first quarter database, 39 hedge funds were long First Solar, Inc. (NASDAQ:FSLR), compared to 44 funds in the prior quarter. Billionaire David Elliot Shaw’s D E Shaw held a prominent stake in the company, comprising 506,539 shares worth $110 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.”