Brokerages Set Shoals Technologies Group, Inc. (NASDAQ:SHLS) PT at $9.57

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has received an average rating of “Moderate Buy” from the seventeen analysts that are presently covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $9.5714.

Several research firms have issued reports on SHLS. Wall Street Zen downgraded shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Wells Fargo & Company reduced their price target on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shoals Technologies Group in a research note on Friday, January 9th. Royal Bank Of Canada lowered their price objective on Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating on the stock in a report on Wednesday, February 25th. Finally, TD Cowen reiterated a “buy” rating on shares of Shoals Technologies Group in a research note on Tuesday, February 24th.

Shoals Technologies Group Trading Up 9.8%

Shares of SHLS stock opened at $6.85 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.03 and a quick ratio of 1.32. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 34.25, a PEG ratio of 0.86 and a beta of 1.77. The stock has a 50 day simple moving average of $8.29 and a 200-day simple moving average of $8.53. Shoals Technologies Group has a 1-year low of $2.92 and a 1-year high of $11.36.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, February 24th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The company had revenue of $148.33 million during the quarter, compared to analyst estimates of $144.52 million. Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. Shoals Technologies Group’s revenue was up 38.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.08 EPS. On average, equities research analysts expect that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Several large investors have recently made changes to their positions in SHLS. Encompass Capital Advisors LLC purchased a new position in Shoals Technologies Group in the 2nd quarter valued at $56,120,000. Price T Rowe Associates Inc. MD boosted its stake in Shoals Technologies Group by 151.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock worth $108,410,000 after purchasing an additional 7,685,515 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Shoals Technologies Group by 1,493.0% during the fourth quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock worth $53,819,000 after buying an additional 5,934,223 shares in the last quarter. Castle Hook Partners LP purchased a new stake in shares of Shoals Technologies Group during the fourth quarter worth $40,095,000. Finally, Amundi raised its position in shares of Shoals Technologies Group by 175.2% in the fourth quarter. Amundi now owns 5,776,766 shares of the company’s stock valued at $49,075,000 after buying an additional 3,677,713 shares during the last quarter.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.