Shoals Technologies Group (NASDAQ:SHLS) Stock Rating Upgraded by Citigroup

Shoals Technologies Group (NASDAQ:SHLS) was upgraded by investment analysts at Citigroup from a “sell” rating to a “neutral” rating in a research note issued to investors on Thursday, Marketbeat.com reports. The brokerage currently has a $5.50 price target on the stock, up from their prior price target of $5.00. Citigroup’s price target would suggest a potential upside of 7.21% from the company’s current price.

A number of other equities analysts have also recently weighed in on the company. UBS Group cut their price target on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Northland Securities reduced their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $11.00 price target on shares of Shoals Technologies Group in a research note on Friday, September 6th. JPMorgan Chase & Co. cut their price objective on shares of Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Finally, Oppenheimer decreased their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.08.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $5.13 on Thursday. 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 company’s 50-day moving average price is $5.74 and its 200 day moving average price is $7.26. Shoals Technologies Group has a 52 week low of $4.88 and a 52 week high of $18.46. The stock has a market cap of $874.25 million, a price-to-earnings ratio of 28.50, a PEG ratio of 0.84 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly 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. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business had revenue of $99.25 million for the quarter, compared to analyst estimates of $90.57 million. During the same period in the prior year, the business earned $0.12 earnings per share. The company’s quarterly revenue was down 16.7% on a year-over-year basis. As a group, research analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of large investors have recently modified their holdings of the company. UBS Group AG raised its holdings in Shoals Technologies Group by 65.6% in the fourth quarter. UBS Group AG now owns 409,055 shares of the company’s stock valued at $6,357,000 after buying an additional 161,983 shares during the period. KBC Group NV lifted its holdings in shares of Shoals Technologies Group by 35.4% during the 4th quarter. KBC Group NV now owns 511,207 shares of the company’s stock valued at $7,944,000 after acquiring an additional 133,608 shares in the last quarter. First Trust Advisors LP boosted its position in Shoals Technologies Group by 32.9% during the 4th quarter. First Trust Advisors LP now owns 2,178,531 shares of the company’s stock worth $33,854,000 after purchasing an additional 538,908 shares during the period. Westwood Holdings Group Inc. increased its holdings in Shoals Technologies Group by 447.9% in the 4th quarter. Westwood Holdings Group Inc. now owns 289,278 shares of the company’s stock valued at $4,495,000 after purchasing an additional 236,479 shares in the last quarter. Finally, Intrinsic Edge Capital Management LLC purchased a new position in Shoals Technologies Group in the fourth quarter valued at about $388,000.

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.