8 Most Promising Clean Energy Stocks According to Hedge Funds

4. First Solar (NASDAQ:FSLR)  

Number of Hedge Fund Holders: 66  

First Solar (NASDAQ:FSLR) is one of the largest solar companies in the United States, specializing in the supply of thin-film photovoltaic (PV) solar panels to large-scale solar power plants. The company also operates manufacturing facilities in Malaysia and Vietnam.

In Q2, First Solar (NASDAQ:FSLR) reported a 24.7% increase in revenue, reaching $1.01 billion, while EBITDA surged by 95% year-over-year to $470 million, driven by higher selling prices and improved gross margins. The company’s gross margin hit an impressive 49.4%. With strong demand for its products, First Solar (NASDAQ:FSLR) has an order backlog extending through 2030.

First Solar (NASDAQ:FSLR) is expanding its production capacity, having recently completed an expansion of its Ohio plant, and is constructing new facilities in Louisiana and Alabama, which are expected to nearly double its U.S. production capacity to meet growing domestic demand for solar energy.

First Solar (NASDAQ:FSLR) is also in the process of patenting its TOPCon technology, which aims to enhance the efficiency of its solar panels. The royalties from this patent could provide an additional revenue stream, bolstering the company’s financial position. First Solar (NASDAQ:FSLR) is expected to grow its earnings by nearly 54.7% this year. Industry analysts have a consensus Buy rating on First Solar’s (NASDAQ:FSLR) stock, with an average price target of $295.29, representing a 33.07% upside potential from current levels.