Shoals Technologies Group, Inc. (NASDAQ:SHLS) Stock Has Average Target Price of $10.80

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been assigned a consensus recommendation of “Moderate Buy” from the eighteen analysts that are presently covering the stock, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $10.80.

Several brokerages recently issued reports on SHLS. Weiss Ratings upgraded shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 9th. Jefferies Financial Group lowered their price target on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, October 14th. Citigroup reaffirmed a “neutral” rating on shares of Shoals Technologies Group in a research report on Wednesday, July 22nd. Wall Street Zen downgraded Shoals Technologies Group from a “buy” rating to a “hold” rating in a research note on Sunday, August 16th. Finally, The Goldman Sachs Group lifted their target price on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st.

Institutional Trading of Shoals Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHLS. First Trust Advisors LP raised its position in Shoals Technologies Group by 15.4% in the first quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock worth $48,061,000 after acquiring an additional 972,382 shares during the period. Dimensional Fund Advisors LP increased its holdings in Shoals Technologies Group by 31.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,268,794 shares of the company’s stock worth $28,083,000 after purchasing an additional 1,016,987 shares during the period. Handelsbanken Fonder AB lifted its position in shares of Shoals Technologies Group by 31.9% during the second quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company’s stock valued at $37,293,000 after buying an additional 912,093 shares during the last quarter. Redwood Grove Capital LLC increased its position in Shoals Technologies Group by 20.2% during the 1st quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company’s stock valued at $19,986,000 after buying an additional 511,000 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Shoals Technologies Group by 26.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,728,998 shares of the company’s stock valued at $17,957,000 after buying an additional 576,591 shares during the last quarter.

Shoals Technologies Group Trading Up 8.1%

Shares of SHLS opened at $9.16 on Thursday. The stock’s 50-day moving average price is $7.65 and its 200 day moving average price is $8.47. Shoals Technologies Group has a 12-month low of $5.43 and a 12-month high of $13.18. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 48.21, a P/E/G ratio of 1.01 and a beta of 1.86. The company has a quick ratio of 1.12, a current ratio of 2.25 and a debt-to-equity ratio of 0.32.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $195.31 million during the quarter, compared to analyst estimates of $161.78 million. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. Shoals Technologies Group’s revenue for the quarter was up 43.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 earnings per share. As a group, research analysts predict that Shoals Technologies Group will post 0.35 earnings per share for the current year.

Shoals Technologies Group News Roundup

Here are the key news stories impacting Shoals Technologies Group this week:

• Positive Sentiment: Merger expands the platform and adds a sizable synergy target. The stock-for-stock combination would join Shoals’ electrical infrastructure products with ARRAY’s solar racking and tracking solutions. The companies forecast $2.2 billion-$2.4 billion in 2027 revenue and target $100 million in annual incremental EBITDA synergies by the third year. Merger announcement
• Positive Sentiment: Q3 results beat estimates and the company raised its full-year outlook. Shoals reported adjusted earnings of $0.14 per share versus $0.12 expected and revenue of $195.3 million versus about $161.8 million expected. Revenue grew 43.8% year over year; backlog and awarded orders totaled $791.7 million. Q3 results
• Neutral Sentiment: The merger’s projected revenue and cost savings are forward-looking targets. Investors will likely monitor transaction completion and the companies’ ability to realize the expected synergies.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc develops electrical balance-of-system (EBOS) solutions for solar energy projects. Its products connect, protect, combine and monitor the direct-current electrical output of solar panels before electricity is converted and delivered to the broader power system.

The company’s product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, communication and monitoring equipment, and other electrical components used in photovoltaic installations.