Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Consensus Rating of “Buy” by Brokerages

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been given an average recommendation of “Buy” by the thirteen research firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and nine have given a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $40.67.

SHLS has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price objective on Shoals Technologies Group from $33.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, July 2nd. They noted that the move was a valuation call. Zacks Investment Research cut Shoals Technologies Group from a “hold” rating to a “sell” rating in a research note on Thursday, August 19th. Piper Sandler assumed coverage on Shoals Technologies Group in a report on Tuesday, June 29th. They issued an “overweight” rating and a $43.00 target price for the company. JPMorgan Chase & Co. lifted their target price on Shoals Technologies Group from $42.00 to $46.00 and gave the company an “overweight” rating in a report on Wednesday, July 21st. Finally, Credit Suisse Group raised Shoals Technologies Group from a “neutral” rating to an “outperform” rating and set a $40.00 price target for the company in a report on Monday, May 24th.

Shares of SHLS stock traded down $0.80 during mid-day trading on Friday, reaching $32.26. The stock had a trading volume of 19,930 shares, compared to its average volume of 1,759,714. The business’s fifty day moving average is $30.94 and its 200-day moving average is $31.17. The firm has a market cap of $5.37 billion and a price-to-earnings ratio of 110.20. Shoals Technologies Group has a 1-year low of $20.94 and a 1-year high of $44.04.

In other news, General Counsel Mehgan Peetz sold 11,941 shares of Shoals Technologies Group stock in a transaction that occurred on Monday, July 19th. The stock was sold at an average price of $27.02, for a total transaction of $322,645.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

A number of institutional investors have recently bought and sold shares of SHLS. Janney Montgomery Scott LLC acquired a new position in Shoals Technologies Group in the first quarter worth approximately $276,000. US Bancorp DE acquired a new stake in shares of Shoals Technologies Group during the 1st quarter valued at $32,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Shoals Technologies Group during the 1st quarter valued at $927,000. Treasurer of the State of North Carolina acquired a new stake in shares of Shoals Technologies Group during the 1st quarter valued at $1,133,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Shoals Technologies Group during the 1st quarter valued at $4,418,000. Hedge funds and other institutional investors own 63.87% of the company’s stock.

About Shoals Technologies Group

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It offers EBOS components, such as cable assemblies, inline fuses, combiners, recombiners, disconnects, wireless monitoring systems, junction boxes, transition enclosures, and splice boxes that carry the electric current produced by solar panels to an inverter and to the power grid.

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Analyst Recommendations for Shoals Technologies Group (NASDAQ:SHLS)

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