8 Best Solar Stocks to Buy According to Wall Street Analysts

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

Number of Hedge Fund Holders: 30

Average Upside Potential as of August 15: 34.87%

Shoals Technologies Group Inc. (NASDAQ:SHLS) is one of the best solar stocks to buy according to Wall Street analysts. On August 6, UBS lowered the firm’s price target on Shoals Technologies to $7.00 from $7.50, while keeping a Buy rating on the shares. This sentiment followed the company’s Q2 2025 earnings report, where, despite issues regarding cash flow and high legal expenses, Shoals Technologies showed strong revenue growth and a record backlog.

The company reported a revenue of $110.8 million, which was an 11.7% increase year-over-year and a 37.9% sequential increase. This figure exceeded the company’s expectations. Bookings totaled $137.1 million, which contributed to a record backlog and awarded orders of $671.3 million. Of this backlog, $540.3 million is slated for delivery within the next 4 quarters.

Shoals Technologies’ Q3 revenue is expected to be between $125 and $135 million, which would represent a 28% year-over-year growth at the midpoint. Full-year 2025 revenue guidance was raised to a range of $450 to $470 million, which reflects a growth of 13% to 18% year-over-year.

Shoals Technologies Group Inc. (NASDAQ:SHLS) provides electrical balance of system/EBOS solutions and components in the US and internationally.