5 Investors Betting Big on First Solar (FSLR) Stock in 2023


  • Institutional investors are still betting big on First Solar (FSLR) stock.
  • BlackRock (BLK) currently holds the most shares of any fund.
  • The solar energy company just reported excellent fourth-quarter earnings.
First Solar logo on smartphone in front of computer screen with graphs. FSLR stock
Source: IgorGolovniov / Shutterstock.com

One of this week’s biggest earnings winners is First Solar (NASDAQ:FSLR). An innovator in the renewable energy space, First Solar has helped take solar energy to the forefront of the green revolution. Now, FSLR stock is looking bright after reporting positive fourth-quarter results. The company beat Wall Street expectations for both net sales and operating income.

First Solar also boasted a lower-than-expected quarterly loss and issued upbeat guidance for the entire year. These impressive numbers are due partially to the Inflation Reduction Act (IRA) tax credits that solar companies expect to receive. Signed into effect by President Joe Biden last August, the IRA allocates $369 billion to addressing climate change, benefitting renewable energy innovators like First Solar.

Investors can take pride in the fact that this positive news sent FSLR stock to a record high today. Oppenheimer analyst Colin Rusch responded to the Q4 report by raising his FSLR stock price target from $156 to $216, an increase of 38%. Rusch stated in a client note:

“We are encouraged to see the company continuing to push prices higher while extending duration of contracts […] We believe the company is largely sold out into 2026 and is filling its backlog into 2028.”

Impressive fundamentals and high demand aren’t the only reasons to bet on FSLR stock, though. The company has also been implementing artificial intelligence (AI) technology into its operations. Now that an AI boom is sweeping the market, the stock is likely better-positioned than ever to continue growing and generating impressive returns.

With these encouraging growth prospects, it makes sense that institutional sentiment toward First Solar is increasingly positive.

Top 5 Investors Betting Big on FSLR Stock

According to data from Whale Wisdom, institutional investors have become highly bullish on FSLR stock. Per 13F filings, the number of funds holding as of Q4 2022 has jumped 16%, from 556 funds last quarter to 645 funds. New positions have grown from 154 to 158 and the number of 13F shares has risen more than 5% to 85.65 million shares in Q4. Furthermore, the number of closed positions has moved from 40 to 55 but increased positions have also risen, jumping from 141 to 186. Percentage ownership is up 5% in Q4 as well. Finally, total puts and total calls have both increased, with the put/call ratio rising from 1.79 to 2.31.

With these figures in mind, let’s take a look at the top five investors taking big bets on FSLR stock as of Q4.

  1. BlackRock (NYSE:BLK): 13.34 million shares shares. BlackRock is the top institutional shareholder of FSLR, although it decreased its position by 2.03 million shares during Q4.
  2. Vanguard: 11.57 million shares. During Q4, Vanguard increased its position by 2.11 million shares.
  3. State Street (NYSE:STT): 4.08 million shares. State Street added 982,871 shares in Q4.
  4. Wellington Management: 4.00 million shares. Wellington decreased its position by 316,327 shares during Q4.
  5. Invesco (NYSE:IVZ): 3.44 million shares. Invesco added 1.13 million shares during Q4.

On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Samuel O’Brient has been covering financial markets and analyzing economic policy for three-plus years. His areas of expertise involve electric vehicle (EV) stocks, green energy and NFTs. O’Brient loves helping everyone understand the complexities of economics. He is ranked in the top 15% of stock pickers on TipRanks.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/5-investors-betting-big-on-first-solar-fslr-stock-in-2023/.

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