Not long after ‘The Big Short’ investor Michael Burry reported buying a large number of stocks of First Solar (NASDAQ: FLSR), the solar panel manufacturer’s shares have soared over 45%, making it one of his best bets recently and contributing to his already strong stock portfolio.
Indeed, two weeks ago, on May 15, Burry updated his portfolio, reporting in his 13-f filing that his Scion Asset Management had started a new position in First Solar, acquiring an additional 30,000 FLSR shares and demonstrating his commitment to renewable energy, according to recent information.
First Solar stock price analysis
As it happens, since his company’s recent 13-f filing, the stocks of the American manufacturer of solar panels and utility-scale power plants have made massive gains, racing 45.97% in just 14 days, from the price of $191.93 to the current amount of $280.16.
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At the same time, the present price of FSLR stock also represents an increase of 1.24% on the day and a massive 41.70% advance in the past week, adding up to the monthly growth of 54.93%, according to the most recent chart data retrieved by Finbold on May 29.
Notably, First Solar stocks have benefitted from the current artificial intelligence (AI) craze, skyrocketing on news of two developments, including UBS Bank (NYSE: UBS) identifying it as a major winner of AI-driven electricity demand and China ending a price war that affected the profitability of the solar sector.
Michael Burry’s history with First Solar
Interestingly, Burry had bought FSLR stocks before – back in Q4 2015, when he purchased 100,000 First Solar shares at the price range of $42.68 – $66.99, only to sell them not long after – in Q2 2016, when their price was in the range of $44.23 – $67.48, as Stockcircle data suggests.
All things considered, Burry’s recent investment in First Solar shares demonstrates his strong confidence in the stock’s future growth as the demand for greener sources of power increases, and AI continues to be the factor in meeting it. However, doing one’s own research is critical when investing.
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