Shoals Technologies Group (NASDAQ:SHLS) Stock Price Target Raised at Royal Bank Of Canada

Shoals Technologies Group (NASDAQ:SHLS) had its price target boosted by equities research analysts at Royal Bank Of Canada from $10.00 to $11.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada‘s price objective suggests a potential upside of 9.13% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their price objective on shares of Shoals Technologies Group from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. Wall Street Zen downgraded shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Cantor Fitzgerald upped their target price on shares of Shoals Technologies Group from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday. Citigroup restated a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, July 22nd. Finally, Weiss Ratings raised shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Twelve investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Shoals Technologies Group has a consensus rating of “Moderate Buy” and an average target price of $10.94.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $10.08 on Monday. The company has a quick ratio of 1.39, a current ratio of 2.45 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a twelve month low of $5.43 and a twelve month high of $13.18. The stock’s 50 day moving average is $7.74 and its 200-day moving average is $8.47. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 43.83, a PEG ratio of 1.19 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Wednesday, November 4th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. Shoals Technologies Group had a return on equity of 10.23% and a net margin of 5.84%. The company had revenue of $195.31 million for the quarter, compared to analysts’ expectations of $161.78 million. During the same period last year, the business earned $0.12 EPS. Shoals Technologies Group’s quarterly revenue was up 43.8% compared to the same quarter last year. Sell-side analysts forecast that Shoals Technologies Group will post 0.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

Large investors have recently bought and sold shares of the stock. First Trust Advisors LP boosted its holdings in 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 acquiring an additional 972,382 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Shoals Technologies Group by 31.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,268,794 shares of the company’s stock worth $28,083,000 after acquiring an additional 1,016,987 shares in the last quarter. Handelsbanken Fonder AB grew its stake in shares of Shoals Technologies Group by 31.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company’s stock worth $37,293,000 after acquiring an additional 912,093 shares in the last quarter. Redwood Grove Capital LLC grew its stake in shares of Shoals Technologies Group by 20.2% in the 1st quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company’s stock worth $19,986,000 after acquiring an additional 511,000 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of 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 purchasing an additional 576,591 shares during the last quarter.

About Shoals Technologies Group

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.