Shoals Technologies Group (NASDAQ:SHLS) Trading Up 7.2% After Analyst Upgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price shot up 7.2% on Wednesday after TD Cowen raised their price target on the stock from $9.50 to $11.00. TD Cowen currently has a buy rating on the stock. Shoals Technologies Group traded as high as $5.20 and last traded at $5.20. 1,299,229 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 4,945,683 shares. The stock had previously closed at $4.85.

Other research analysts also recently issued research reports about the company. Roth Capital downgraded Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Truist Financial decreased their price target on shares of 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 restated an “outperform” rating and issued a $11.00 price target on shares of Shoals Technologies Group in a research note on Friday, September 6th. JPMorgan Chase & Co. reduced their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Finally, BNP Paribas downgraded shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $12.45.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Shoals Technologies Group in the 2nd quarter worth about $54,000. TrinityPoint Wealth LLC bought a new stake in Shoals Technologies Group in the 3rd quarter valued at about $60,000. Mackenzie Financial Corp acquired a new position in Shoals Technologies Group during the 2nd quarter valued at about $64,000. Finally, American Trust bought a new position in Shoals Technologies Group in the 2nd quarter worth about $68,000.

Shoals Technologies Group Trading Up 8.2 %

The firm’s 50-day simple moving average is $5.59 and its 200 day simple moving average is $6.25. The stock has a market cap of $874.91 million, a P/E ratio of 26.00, a PEG ratio of 0.71 and a beta of 1.73. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The business had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a return on equity of 9.81% and a net margin of 7.78%. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same period last year, the company earned $0.16 earnings per share. As a group, equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.28 earnings per share for the current 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.