Brokerages Set Shoals Technologies Group, Inc. (NASDAQ:SHLS) PT at $10.71

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been given an average recommendation of “Moderate Buy” by the seventeen research firms that are covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $10.7143.

SHLS has been the topic of several analyst reports. The Goldman Sachs Group lifted their target price on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Royal Bank Of Canada increased their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Barclays boosted their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Weiss Ratings upgraded Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday. Finally, Citigroup reissued a “neutral” rating on shares of Shoals Technologies Group in a research note on Wednesday, July 22nd.

Insider Activity

In related news, insider Bobbie King, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following the completion of the transaction, the insider directly owned 98,918 shares in the company, valued at approximately $1,029,736.38. This represents a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Shoals Technologies Group by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock valued at $115,550,000 after acquiring an additional 404,133 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Shoals Technologies Group by 151.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock valued at $108,410,000 after purchasing an additional 7,685,515 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Shoals Technologies Group by 15.4% during the 1st quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock worth $48,061,000 after purchasing an additional 972,382 shares during the period. Peconic Partners LLC grew its holdings in shares of Shoals Technologies Group by 79.8% during the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock worth $29,645,000 after purchasing an additional 3,095,186 shares during the period. Finally, State Street Corp increased its position in Shoals Technologies Group by 4.0% during the 4th quarter. State Street Corp now owns 6,019,109 shares of the company’s stock worth $51,162,000 after purchasing an additional 229,890 shares in the last quarter.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $7.30 on Wednesday. The stock’s 50-day moving average is $8.55 and its two-hundred day moving average is $8.42. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 38.42, a PEG ratio of 0.88 and a beta of 1.89. Shoals Technologies Group has a 1 year low of $5.43 and a 1 year high of $13.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25.

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

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.