7 Best Alternative Fuel Stocks To Buy Right Now

4. First Solar (NASDAQ:FSLR)  

Number of Hedge Fund Holders: 66  

Market Capitalization as of August 20: $23.96 Billion  

First Solar (NASDAQ:FSLR) plays a pivotal role in the solar industry and is a leading global supplier of photovoltaic (PV) solar energy solutions in the US. The company manufactures solar panels and develops large-scale solar power plants that use cutting-edge thin-film solar technology. First Solar (NASDAQ:FSLR) also has operations in Malaysia and Vietnam.

In Q2 2024, First Solar (NASDAQ:FSLR) reported revenues of $1.01 billion, marking a 24.7% year-over-year increase, alongside a significant 95% year-over-year rise in adjusted EBITDA to $470 million. These figures were supported by higher module selling prices and improved gross margins, which reached an impressive 49.4%, significantly outpacing expectations.

First Solar’s (NASDAQ:FSLR) products are high in demand and the company has an order backlog extending through 2030. The company is expanding its production capacity and recently completed its Ohio plant expansion. First Solar (NASDAQ:FSLR) is constructing new facilities in Alabama and Louisiana which are expected to nearly double the company’s production capacity in the U.S. and will position the company to meet the growing demand for solar energy domestically.

First Solar (NASDAQ:FSLR) is currently in the process of patenting its TOPCon technology which aims to enhance the efficiency of solar panels. The royalties from the patent could also provide an additional revenue stream, which will further strengthen the company’s financial position. The company 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 target at $292.22, which represents a 28% upside potential from its current level.

The company has positioned itself as a key beneficiary of the growing demand for clean energy solutions. The company is valued at $23.96 billion as of August 20. As of the second quarter, the stock is held by 66 hedge funds with stakes worth $1.68 billion. Citadel Investment Group is the largest shareholder in the company and has stocks worth $766.56 million as of June 30.