Shoals Technologies Group (NASDAQ:SHLS) Trading Up 6.5%

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares rose 6.5% during mid-day trading on Wednesday . The stock traded as high as $11.86 and last traded at $11.86. Approximately 1,036,202 shares traded hands during trading, a decline of 71% from the average daily volume of 3,613,804 shares. The stock had previously closed at $11.14.

Analyst Ratings Changes

SHLS has been the topic of several recent research reports. TD Cowen decreased their price objective on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Truist Financial restated a “buy” rating and set a $20.00 price target (down previously from $23.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Oppenheimer decreased their price target on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Royal Bank of Canada decreased their price target on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Finally, Mizuho restated a “buy” rating and set a $18.00 price target (down previously from $19.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.18.

Shoals Technologies Group Stock Down 4.9 %

The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. The stock has a market capitalization of $1.90 billion, a PE ratio of 44.72 and a beta of 1.82. The business has a 50 day moving average of $13.77 and a two-hundred day moving average of $15.10.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The company had revenue of $130.44 million for the quarter, compared to analysts’ expectations of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. Analysts predict that Shoals Technologies Group, Inc. will post 0.5 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. raised its stake in Shoals Technologies Group by 14.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock valued at $181,000 after buying an additional 1,429 shares during the last quarter. SCP Investment LP purchased a new stake in Shoals Technologies Group in the fourth quarter valued at about $763,000. Vanguard Group Inc. raised its stake in Shoals Technologies Group by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock valued at $254,241,000 after buying an additional 225,464 shares during the last quarter. Wellington Management Group LLP raised its stake in Shoals Technologies Group by 28.5% in the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after buying an additional 2,864,879 shares during the last quarter. Finally, Electron Capital Partners LLC raised its stake in Shoals Technologies Group by 102.9% in the fourth quarter. Electron Capital Partners LLC now owns 2,148,680 shares of the company’s stock valued at $33,390,000 after buying an additional 1,089,848 shares during the last quarter.

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.