Shoals Technologies Group (NASDAQ:SHLS) Shares Up 7.2% Following Analyst Upgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares traded up 7.2% during mid-day trading on Wednesday after TD Cowen raised their price target on the stock from $9.50 to $11.00. TD Cowen currently has a buy rating on the stock. Shoals Technologies Group traded as high as $5.20 and last traded at $5.20. 1,299,229 shares were traded during trading, a decline of 74% from the average session volume of 4,945,683 shares. The stock had previously closed at $4.85.

A number of other research firms have also issued reports on SHLS. BNP Paribas lowered Shoals Technologies Group from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $15.00 to $7.00 in a report on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Jefferies Financial Group began coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price target for the company. Barclays restated an “equal weight” rating and set a $7.00 price objective on shares of Shoals Technologies Group in a research report on Thursday, October 10th. Finally, Piper Sandler raised their target price on shares of 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 analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and a consensus price target of $12.45.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in shares of Shoals Technologies Group by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock worth $2,068,000 after acquiring an additional 1,857 shares during the last quarter. FMR LLC increased its holdings in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Shoals Technologies Group by 6.3% in the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock worth $459,000 after acquiring an additional 2,427 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after acquiring an additional 2,517 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Shoals Technologies Group by 3.8% in the second quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after purchasing an additional 3,699 shares during the period.

Shoals Technologies Group Stock Up 2.1 %

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The stock’s fifty day simple moving average is $5.59 and its two-hundred day simple moving average is $6.25. The company has a market capitalization of $824.92 million, a price-to-earnings ratio of 26.00, a PEG ratio of 0.71 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.81% and a net margin of 7.78%. The company had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The firm’s revenue for the quarter was down 23.8% compared to the same quarter last year. On average, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.28 earnings per share for the current fiscal year.

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.