Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Average Recommendation of “Hold” from Analysts

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been given an average recommendation of “Hold” by the twenty-one research firms that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and eleven have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $12.55.

A number of analysts have recently commented on the company. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. Northland Securities dropped their price target on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research report on Thursday, August 8th. Truist Financial lowered their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Roth Mkm dropped their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. 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 report on Tuesday, September 10th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Shoals Technologies Group by 59.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock worth $3,929,000 after acquiring an additional 130,434 shares in the last quarter. M&G Plc acquired a new position in Shoals Technologies Group in the 2nd quarter worth about $7,021,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in shares of Shoals Technologies Group by 104.1% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock worth $846,000 after purchasing an additional 69,193 shares in the last quarter. Swedbank AB acquired a new stake in shares of Shoals Technologies Group during the 1st quarter valued at about $25,268,000. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in shares of Shoals Technologies Group by 146.9% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after buying an additional 93,400 shares in the last quarter.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $5.55 on Friday. Shoals Technologies Group has a one year low of $4.85 and a one year high of $17.50. The stock’s fifty day moving average is $5.55 and its 200-day moving average is $6.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. The firm has a market capitalization of $924.91 million, a price-to-earnings ratio of 39.64, a price-to-earnings-growth ratio of 0.78 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The firm had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. Shoals Technologies Group’s quarterly revenue was down 16.7% on a year-over-year basis. During the same quarter last year, the company earned $0.12 EPS. Equities analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current 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.