10 Most Undervalued Renewable Energy Stocks To Buy Right Now

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

PE Ratio as of April 30: 27.07

Number of Hedge Fund Holders: 31

Shoals Technologies Group, Inc. (NASDAQ:SHLS) designs and manufactures electrical systems for the solar and battery storage industries. The company provides a wide range of products, including solar lead assemblies, cables, combiners, and performance monitoring solutions. It is one of the most undervalued stocks to buy.

On March 13, Oppenheimer analyst Colin Rusch reiterated an Outperform rating on Shoals Technologies Group, Inc. (NASDAQ:SHLS). Despite a 75% drop in stock price, SHLS shows strong demand, healthy liquidity, and profitability. Rusch also highlighted bipartisan support for renewable energy, aided by the Inflation Reduction Act funding, and maintained a $10 price target for the stock.

Shoals Technologies Group, Inc. (NASDAQ:SHLS) announced on March 26 a collaboration with First Solar to strengthen domestic manufacturing in Alabama, supporting the reshoring of the US solar supply chain. First Solar’s new $1.1 billion facility in Alabama has created over 800 jobs, and Shoals provides custom junction boxes made locally, helping solidify FSLR as the largest solar manufacturer in the Western Hemisphere.

Among the hedge funds tracked by Insider Monkey, Shoals Technologies Group, Inc. (NASDAQ:SHLS) was part of 31 public stock portfolios at the end of Q4 2024. Steve Cohen’s Point72 Asset Management was the biggest stakeholder of the company, with 5.5 million shares worth $30.6 million.