Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been assigned a consensus recommendation of “Moderate Buy” from the seventeen research firms that are currently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $21.18.

Several analysts recently commented on SHLS shares. JPMorgan Chase & Co. cut their price objective on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. Barclays cut their price target on Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, March 5th. Janney Montgomery Scott initiated coverage on Shoals Technologies Group in a report on Friday, January 19th. They set a “buy” rating and a $20.00 price target for the company. Mizuho reissued 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. Finally, Truist Financial reissued 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.

Shoals Technologies Group Stock Performance

Shares of SHLS opened at $11.18 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. Shoals Technologies Group has a one year low of $11.00 and a one year high of $28.34. The firm has a market capitalization of $1.90 billion, a P/E ratio of 44.72 and a beta of 1.82. The business has a fifty day moving average of $13.73 and a 200 day moving average of $15.03.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The firm had revenue of $130.44 million during the quarter, compared to the consensus estimate of $131.89 million. As a group, sell-side analysts anticipate that Shoals Technologies Group will post 0.5 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds have recently made changes to their positions in SHLS. Alliancebernstein L.P. lifted its position in shares of Shoals Technologies Group by 4,053.2% in the fourth quarter. Alliancebernstein L.P. now owns 5,254,717 shares of the company’s stock worth $129,634,000 after buying an additional 5,128,195 shares in the last quarter. BlackRock Inc. lifted its position in shares of Shoals Technologies Group by 23.6% in the first quarter. BlackRock Inc. now owns 16,288,180 shares of the company’s stock worth $371,208,000 after buying an additional 3,112,106 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of 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 worth $200,626,000 after buying an additional 2,864,879 shares in the last quarter. Norges Bank purchased a new stake in shares of Shoals Technologies Group in the fourth quarter worth about $31,416,000. Finally, Handelsbanken Fonder AB lifted its position in shares of Shoals Technologies Group by 301.5% in the fourth quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after buying an additional 1,894,560 shares in 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.