First Solar Has Gained 38% YTD. More Gains to Come?

First Solar ($FSLR) is up 38% YTD, vs. 8% for the S&P 500 with more gains likely if the stock can clear one key hurdle (see chart below).

Clean energy stocks are on a tear:

• Invesco WilderHill Clean Energy ETF ($PBW): +58% YTD.
• iShares Global Clean Energy ETF ($ICLN): +40% YTD.

What they do:

They are a leading global provider of photovoltaic (PV) solar panels. They operate in three business segments:

• PV Solar Modules-Panels you see on houses and buildings.
• Utility-Scale Power Plants-They develop and construct power-grid systems for utility companies. They want to curb reliance on fossil fuels, reduce the risk of fuel-price volatility, and save costs.
• O&M Services-They provide system owners with ongoing operations and maintenance programs through its global operations center and O&M associates.

For more details, start on page 3 of their annual report.

What's its chart telling us?

• Price is testing the $80-$100 supply (resistance) zone. A move above $100 and $160 is possible, a 60% gain from $100.

Additional information:

• Q2 2020 earnings presentation
• 2020 investor overview
• 2019 annual report

Links:

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The Wall Street JournalAnna Hirtenstein