Shoals Technologies Group (NASDAQ:SHLS) Price Target Raised to $10.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target upped by analysts at Wells Fargo & Company from $9.00 to $10.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 6.34% from the company’s current price.

A number of other equities analysts have also weighed in on the company. Weiss Ratings raised Shoals Technologies Group from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Needham & Company LLC restated a “buy” rating and set a $12.00 price target on shares of Shoals Technologies Group in a research note on Wednesday, May 6th. Citigroup upped their price objective on shares of Shoals Technologies Group from $8.50 to $9.50 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. BNP Paribas Exane raised shares of Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 price objective on the stock in a research note on Wednesday, February 25th. Finally, Morgan Stanley reduced their price objective on shares of Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a report on Wednesday, February 25th. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group presently has an average rating of “Moderate Buy” and a consensus price target of $9.71.

Shoals Technologies Group Stock Performance

Shares of SHLS opened at $9.40 on Thursday. Shoals Technologies Group has a one year low of $3.99 and a one year high of $13.18. The company has a market cap of $1.57 billion, a PE ratio of 46.97, a P/E/G ratio of 1.17 and a beta of 1.90. The stock has a 50-day moving average of $8.80 and a 200-day moving average of $8.50. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The business had revenue of $140.56 million for the quarter, compared to the consensus estimate of $129.16 million. Shoals Technologies Group’s revenue for the quarter was up 74.4% on a year-over-year basis. On average, equities research analysts predict that Shoals Technologies Group will post 0.34 EPS for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 54,449 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the completion of the sale, the chief financial officer directly owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. This represents a 12.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Several institutional investors have recently made changes to their positions in the company. KBC Group NV bought a new position in shares of Shoals Technologies Group during the first quarter valued at about $30,000. GAMMA Investing LLC boosted its holdings in Shoals Technologies Group by 57.7% during the fourth quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock worth $32,000 after purchasing an additional 1,375 shares during the last quarter. USA Financial Formulas bought a new stake in Shoals Technologies Group in the 4th quarter worth about $49,000. PNC Financial Services Group Inc. increased its stake in Shoals Technologies Group by 378.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock valued at $50,000 after buying an additional 5,983 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Shoals Technologies Group in the 1st quarter valued at about $57,000.

Shoals Technologies Group Company Profile

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.