Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives $10.71 Consensus Target Price from Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have received a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $10.7143.

SHLS has been the subject of several analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $13.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, August 4th. Citigroup reissued a “neutral” rating on shares of Shoals Technologies Group in a research note on Wednesday, July 22nd. UBS Group lifted their price target on Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Weiss Ratings raised shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 4th. Finally, Barclays increased their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, June 26th.

Insider Buying and Selling

In related news, insider Bobbie Lee King, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the transaction, the insider owned 98,918 shares of the company’s stock, valued at approximately $1,029,736.38. This represents a 9.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds have recently made changes to their positions in the stock. KBC Group NV purchased a new stake in shares of Shoals Technologies Group during the 1st quarter valued at $30,000. PNC Financial Services Group Inc. raised its position in shares of 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 worth $50,000 after buying an additional 5,983 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Shoals Technologies Group in the 1st quarter worth $57,000. Tower Research Capital LLC TRC boosted its holdings in Shoals Technologies Group by 468.3% in the second quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company’s stock valued at $66,000 after acquiring an additional 12,788 shares during the last quarter. Finally, Miller Howard Investments Inc. NY acquired a new position in Shoals Technologies Group in the first quarter valued at $70,000.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $8.23 on Friday. Shoals Technologies Group has a 12-month low of $5.40 and a 12-month high of $13.18. The stock has a market capitalization of $1.39 billion, a P/E ratio of 43.32, a P/E/G ratio of 1.04 and a beta of 1.93. The firm’s 50-day moving average is $9.61 and its two-hundred day moving average is $8.80. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.25 and a quick ratio of 1.12.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%.The company had revenue of $163.37 million for the quarter, compared to analyst estimates of $160.03 million. During the same quarter in the prior year, the company posted $0.10 EPS. The business’s revenue for the quarter was up 47.4% compared to the same quarter last year. Equities analysts predict that Shoals Technologies Group will post 0.34 earnings per share for the current year.

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.