Shoals Technologies Group (NASDAQ:SHLS) Shares Up 7.2% on Analyst Upgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price traded up 7.2% on Wednesday after TD Cowen raised their price target on the stock from $9.50 to $11.00. TD Cowen currently has a buy rating on the stock. Shoals Technologies Group traded as high as $5.20 and last traded at $5.20. 1,299,229 shares were traded during mid-day trading, a decline of 74% from the average session volume of 4,945,683 shares. The stock had previously closed at $4.85.

Several other brokerages also recently weighed in on SHLS. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their price target for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. Jefferies Financial Group started coverage on shares of Shoals Technologies Group in a report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and issued a $11.00 target price on shares of Shoals Technologies Group in a research note on Friday, September 6th. Northland Securities cut their price objective on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. Finally, Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.45.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently modified their holdings of SHLS. FMR LLC grew its holdings in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after purchasing an additional 1,906 shares during the period. 1620 Investment Advisors Inc. purchased a new position in shares of Shoals Technologies Group during the 2nd quarter valued at approximately $54,000. TrinityPoint Wealth LLC acquired a new stake in Shoals Technologies Group in the 3rd quarter valued at $60,000. Mackenzie Financial Corp purchased a new stake in Shoals Technologies Group in the 2nd quarter worth $64,000. Finally, American Trust acquired a new position in Shoals Technologies Group during the second quarter worth $68,000.

Shoals Technologies Group Trading Up 5.5 %

The company’s fifty day simple moving average is $5.57 and its 200-day simple moving average is $6.24. The firm has a market capitalization of $869.91 million, a PE ratio of 24.75, a P/E/G ratio of 0.71 and a beta of 1.73. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.81% and a net margin of 7.78%. The firm had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The company’s quarterly revenue was down 23.8% on a year-over-year basis. As a group, sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.28 earnings per share for the current fiscal year.

About Shoals Technologies Group

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.