Shoals Technologies Group (NASDAQ:SHLS) Shares Up 8.4% – Time to Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) rose 8.4% on Tuesday . The company traded as high as $6.19 and last traded at $6.2350. Approximately 1,521,941 shares changed hands during trading, a decline of 70% from the average daily volume of 5,077,258 shares. The stock had previously closed at $5.75.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SHLS shares. Roth Mkm cut their price objective on Shoals Technologies Group from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $10.00 target price on shares of Shoals Technologies Group in a research report on Wednesday, February 25th. The Goldman Sachs Group reissued a “buy” rating on shares of Shoals Technologies Group in a research note on Monday, February 9th. TD Cowen reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research note on Tuesday, February 24th. Finally, Wall Street Zen downgraded shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.71.

Shoals Technologies Group Price Performance

The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The business’s 50-day simple moving average is $8.89 and its two-hundred day simple moving average is $8.57. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 31.08, a P/E/G ratio of 0.69 and a beta of 1.77.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. The firm had revenue of $148.33 million for the quarter, compared to the consensus estimate of $144.52 million. During the same period last year, the company posted $0.08 EPS. The business’s revenue was up 38.6% compared to the same quarter last year. As a group, research analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Several large investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of 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 period. USA Financial Formulas bought a new stake in shares of Shoals Technologies Group during the fourth quarter worth about $49,000. Savant Capital LLC acquired a new stake in shares of Shoals Technologies Group in the 2nd quarter worth about $50,000. State of Alaska Department of Revenue bought a new position in Shoals Technologies Group in the 3rd quarter valued at about $54,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Shoals Technologies Group in the 1st quarter valued at about $57,000.

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.