Shoals Technologies Group (NASDAQ:SHLS) Receives New Coverage from Analysts at Wells Fargo & Company

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

Other equities analysts have also issued reports about the company. Oppenheimer decreased their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an outperform rating for the company in a research report on Wednesday, August 7th. Barclays reiterated an equal weight rating and issued a $7.00 price objective on shares of Shoals Technologies Group in a research report on Thursday, October 10th. Truist Financial decreased their price objective on Shoals Technologies Group from $10.00 to $8.00 and set a buy rating for the company in a research report on Friday, September 6th. Royal Bank of Canada reaffirmed an outperform rating and set a $11.00 price target on shares of Shoals Technologies Group in a research report on Friday, September 6th. Finally, Roth Capital downgraded Shoals Technologies Group from a hold rating to a strong sell rating in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Shoals Technologies Group currently has a consensus rating of Hold and an average target price of $12.92.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $5.23 on Monday. 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 $891.30 million, a PE ratio of 29.06, a price-to-earnings-growth ratio of 0.74 and a beta of 1.74. The stock has a 50-day moving average of $5.59 and a 200-day moving average of $6.86. Shoals Technologies Group has a one year low of $4.85 and a one year high of $17.50.

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

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently made changes to their positions in SHLS. ANTIPODES PARTNERS Ltd raised its stake in Shoals Technologies Group by 122.4% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after acquiring an additional 2,638 shares during the period. 1620 Investment Advisors Inc. bought a new stake in Shoals Technologies Group in the 2nd quarter valued at $54,000. Mackenzie Financial Corp bought a new stake in Shoals Technologies Group in the 2nd quarter valued at $64,000. American Trust bought a new stake in Shoals Technologies Group in the 2nd quarter valued at $68,000. Finally, Versor Investments LP bought a new stake in Shoals Technologies Group in the 2nd quarter valued at $80,000.

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.