5 Best Solar Power Stocks To Invest In According to Financial Media

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

Number of Hedge Fund Holders: 33 

Number of Times Stock Appeared in Top Picks of Financial Media: 6

Shoals Technologies Group, Inc. (NASDAQ:SHLS) provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle charging applications. On December 19, investment advisory Piper Sandler maintained an Overweight rating on Shoals Technologies Group, Inc. (NASDAQ:SHLS) stock and lowered the price target to $20 from $28. 

At the end of the third quarter of 2023, 33 hedge funds in the database of Insider Monkey held stakes worth $349 million in Shoals Technologies Group, Inc. (NASDAQ:SHLS), compared to 24 in the preceding quarter worth $394 million. 

In its Q3 2023 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Shoals Technologies Group, Inc. (NASDAQ:SHLS) was one of them. Here is what the fund said:

“Solar energy technology companies SolarEdge and Shoals Technologies Group, Inc. (NASDAQ:SHLS), meanwhile, saw headwinds from destocking in the U.S. and Europe. U.S. demand could slow further due to new net metering rules that reduce the value to consumers from sending excess residential solar energy back to the grid. SolarEdge, which makes inverters for solar systems as well as residential and commercial battery systems, is also facing rising battery competition in the U.S. from Tesla.”