11 Best Solar Energy Stocks to Buy According to Hedge Funds

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

No. of Hedge Fund Holders: 31

Shoals Technologies Group, Inc. (NASDAQ:SHLS) is a leading provider of electrical balance of systems (EBOS) solutions for solar, energy storage, and eMobility. The company is a recognized leader in the renewable energy industry, whose solutions are deployed on over 20 GW of solar systems globally.

Shoals Technologies Group, Inc. (NASDAQ:SHLS) had a mixed Q4 2024 as its adjusted EPS of $0.08 fell below estimates by $0.02. However, the company’s revenue of $107 million topped expectations by $4.92 million and finished the year at the high end of its previously guided range. Moreover, SHLS entered 2025 with approximately $635 million of backlog and awarded orders, including $440 million with deliveries right this year. The company generated $80.39 million in operating cash flow in 2024 and still has $125 million currently remaining under its share repurchase authorization.

Shoals Technologies Group, Inc. (NASDAQ:SHLS) revealed last month that it would continue its partnership with First Solar to invest in domestic manufacturing in Alabama. The collaboration aims to strengthen the reshoring of the US solar industry supply chains, supporting the country’s push toward energy independence and sustainable growth.

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was held by 31 hedge funds in the IM database at the end of Q4 2024 with a total stake value of over $157 million, putting it among the Best Solar Energy Stocks to Invest in.