Why First Solar Stock Rocketed More Than 80% in 2020

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Shares of First Solar (NASDAQ: FSLR) rocketed 81.8% in 2020, according to data provided by S&P Global Market Intelligence. Several catalysts powered the solar energy stock‘s surge last year. 

First Solar generated strong financial results in 2020 despite the impact of the COVID-19 pandemic. The company sold more than $2 billion worth of solar systems through the third quarter, up more than 26% compared to the prior-year period. Meanwhile, it reversed a prior-year loss of more than $55 million by generating over $282 million of net income through the third quarter. 

Image source: Getty Images.

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