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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has received an average recommendation of “Hold” from the twenty-one brokerages that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $12.55.

A number of research analysts recently issued reports on SHLS shares. Truist Financial lowered their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Oppenheimer lowered their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company began coverage on Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price target for the company.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of Shoals Technologies Group by 16.3% in the first quarter. Principal Financial Group Inc. now owns 23,069 shares of the company’s stock valued at $258,000 after acquiring an additional 3,230 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Shoals Technologies Group by 59.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock worth $3,929,000 after purchasing an additional 130,434 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Shoals Technologies Group during the first quarter worth $545,000. Quantbot Technologies LP acquired a new stake in shares of Shoals Technologies Group in the first quarter valued at $217,000. Finally, Corbyn Investment Management Inc. MD bought a new position in shares of Shoals Technologies Group in the first quarter valued at about $581,000.

Shoals Technologies Group Price Performance

NASDAQ SHLS opened at $5.55 on Friday. Shoals Technologies Group has a fifty-two week low of $4.85 and a fifty-two week high of $17.50. The stock’s 50-day moving average is $5.55 and its two-hundred day moving average is $6.40. The firm has a market cap of $924.91 million, a P/E ratio of 39.64, a price-to-earnings-growth ratio of 0.78 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 earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The firm had revenue of $99.25 million during the quarter, compared to analyst estimates of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The company’s revenue for the quarter was down 16.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 EPS. On average, analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Shoals Technologies Group Company Profile

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.