10 Best Solar Energy Stocks to Invest In

2. Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Hedge Funds Holding Stakes: 32

Upside potential as of August 2, 2024: 82%

While operating as a technology company, Shoals Technologies Group, Inc. (NASDAQ:SHLS) offers solutions and components for solar battery energy and electric vehicle charging. The company has already inked a strategic partnership with Create Energy to construct a 5GW solar modules factory in the US.

The new factory will allow Shoals Technologies Group, Inc. (NASDAQ:SHLS) to take advantage of the opportunities around solar manufacturing thanks to the production tax credits for manufacturers and investment tax credits. While the stock is down by 60% for the year, it is currently rated as a ‘Buy’ with a $12.38 price target, implying 82% upside potential from current levels. As of the end of Q1 2024, 32 out of 920 hedge funds tracked by Insider Monkey held stakes in Shoals Technologies Group, Inc. (NASDAQ:SHLS).