Shoals Technologies Group (NASDAQ:SHLS) Trading 3.9% Higher – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price was up 3.9% on Wednesday . The company traded as high as $5.13 and last traded at $5.11. Approximately 365,604 shares were traded during trading, a decline of 93% from the average daily volume of 4,970,103 shares. The stock had previously closed at $4.92.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SHLS shares. Oppenheimer reduced their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. UBS Group cut their price objective on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their target price on Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Barclays cut their price target on Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Finally, Piper Sandler boosted their price objective on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $11.08.

Shoals Technologies Group Trading Up 7.7 %

The firm has a market cap of $903.23 million, a PE ratio of 28.72, a P/E/G ratio of 0.74 and a beta of 1.74. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27. The business has a fifty day moving average price of $5.65 and a 200 day moving average price of $7.04.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating 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 business had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. During the same quarter in the prior year, the business posted $0.12 EPS. The business’s revenue for the quarter was down 16.7% on a year-over-year basis. Analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Institutional Trading of Shoals Technologies Group

Large investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Shoals Technologies Group by 59.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock valued at $3,929,000 after purchasing an additional 130,434 shares during the period. M&G Plc acquired a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at about $7,021,000. Goldman Sachs Group Inc. boosted its position in shares of Shoals Technologies Group by 16.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,215,815 shares of the company’s stock valued at $34,434,000 after purchasing an additional 309,261 shares during the period. Electron Capital Partners LLC boosted its position in shares of Shoals Technologies Group by 102.9% in the 4th quarter. Electron Capital Partners LLC now owns 2,148,680 shares of the company’s stock valued at $33,390,000 after purchasing an additional 1,089,848 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in shares of Shoals Technologies Group by 104.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after purchasing an additional 69,193 shares during the period.

Shoals Technologies Group Company Profile

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.