Shoals Technologies Group (NASDAQ:SHLS) Shares Up 10.1% – Still a Buy?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) shot up 10.1% during trading on Wednesday . The company traded as high as $7.57 and last traded at $7.5650. 683,805 shares were traded during mid-day trading, a decline of 86% from the average session volume of 4,964,409 shares. The stock had previously closed at $6.87.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SHLS shares. Needham & Company LLC lowered their target price on Shoals Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Royal Bank Of Canada lowered their target price on Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Wednesday, February 25th. The Goldman Sachs Group reissued a “buy” rating on shares of Shoals Technologies Group in a research note on Monday, February 9th. Weiss Ratings downgraded Shoals Technologies Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, April 15th. Finally, TD Cowen reissued a “buy” rating on shares of Shoals Technologies Group in a research note on Tuesday, February 24th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.43.

Shoals Technologies Group Price Performance

The company has a fifty day moving average of $7.08 and a 200 day moving average of $8.43. The firm has a market capitalization of $1.30 billion, a P/E ratio of 38.90, a PEG ratio of 0.85 and a beta of 1.64. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.03 and a quick ratio of 1.32.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, February 24th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.04). The company had revenue of $148.33 million during the quarter, compared to the consensus estimate of $144.52 million. Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. The business’s revenue was up 38.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.08 earnings per share. Sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.37 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of SHLS. Royal Bank of Canada boosted its holdings in shares of Shoals Technologies Group by 292.5% during the 1st quarter. Royal Bank of Canada now owns 106,531 shares of the company’s stock worth $353,000 after buying an additional 79,392 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Shoals Technologies Group by 184.7% in the 1st quarter. AQR Capital Management LLC now owns 922,358 shares of the company’s stock worth $2,975,000 after purchasing an additional 598,407 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Shoals Technologies Group in the 1st quarter worth $57,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Shoals Technologies Group by 8.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 517,507 shares of the company’s stock worth $1,718,000 after purchasing an additional 38,983 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Shoals Technologies Group by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 195,828 shares of the company’s stock worth $832,000 after purchasing an additional 3,601 shares in the last quarter.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.