Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Consensus Rating of “Hold” from Brokerages

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has received a consensus rating of “Hold” from the twenty ratings firms that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $11.08.

SHLS has been the topic of a number of research reports. BNP Paribas downgraded Shoals Technologies Group from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $15.00 to $7.00 in a research report on Wednesday, August 7th. Barclays decreased their price objective on Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Oppenheimer decreased their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, Northland Securities lowered their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a report on Thursday, August 8th.

Shoals Technologies Group Trading Down 3.5 %

Shares of Shoals Technologies Group stock opened at $4.92 on Wednesday. The company’s 50-day moving average price is $5.68 and its 200-day moving average price is $7.09. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27. Shoals Technologies Group has a 12-month low of $4.85 and a 12-month high of $18.46. The company has a market cap of $838.47 million, a price-to-earnings ratio of 27.33, a PEG ratio of 0.74 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The company had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. During the same quarter last year, the business posted $0.12 earnings per share. The firm’s revenue was down 16.7% compared to the same quarter last year. On average, equities analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its stake in shares of Shoals Technologies Group by 14.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock worth $181,000 after acquiring an additional 1,429 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Shoals Technologies Group by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock worth $2,068,000 after purchasing an additional 1,857 shares in the last quarter. ProShare Advisors LLC grew its position in Shoals Technologies Group by 6.3% during the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock valued at $459,000 after purchasing an additional 2,427 shares during the last quarter. ANTIPODES PARTNERS Ltd increased its stake in Shoals Technologies Group by 122.4% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after purchasing an additional 2,638 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Shoals Technologies Group by 16.3% during the 1st quarter. Principal Financial Group Inc. now owns 23,069 shares of the company’s stock valued at $258,000 after purchasing an additional 3,230 shares in the last quarter.

About Shoals Technologies Group

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.