Shoals Technologies Group (NASDAQ:SHLS) Now Covered by Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research note issued to investors on Monday, Marketbeat reports. The firm issued an equal weight rating and a $46.00 target price on the stock.

SHLS has been the subject of a number of other reports. Truist Financial decreased their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Roth Mkm decreased their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. UBS Group decreased their price target on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Northland Securities decreased their price target on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. Finally, Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price target for the company from $5.00 to $5.50 in a research note on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $12.92.

Shoals Technologies Group Stock Up 0.2 %

SHLS opened at $5.13 on Monday. Shoals Technologies Group has a 12 month low of $4.85 and a 12 month high of $17.50. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The stock has a market cap of $874.25 million, a P/E ratio of 28.50, a P/E/G ratio of 0.74 and a beta of 1.74. The stock’s 50 day moving average price is $5.58 and its 200 day moving average price is $6.81.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The firm had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The firm’s revenue was down 16.7% compared to the same quarter last year. During the same period last year, the firm earned $0.12 EPS. As a group, research analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of SHLS. Vanguard Group Inc. raised its holdings in shares of Shoals Technologies Group by 1.0% during the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after acquiring an additional 171,273 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Shoals Technologies Group by 28.5% during the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after acquiring an additional 2,864,879 shares in the last quarter. William Blair Investment Management LLC raised its holdings in shares of Shoals Technologies Group by 71.6% during the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after acquiring an additional 4,263,964 shares in the last quarter. Joho Capital LLC raised its holdings in shares of Shoals Technologies Group by 111.6% during the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after acquiring an additional 3,387,539 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Shoals Technologies Group by 30.1% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company’s stock worth $57,050,000 after acquiring an additional 1,179,834 shares in the last quarter.

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.