Shoals Technologies Group (NASDAQ:SHLS) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Shoals Technologies Group (NASDAQ:SHLS) from a hold rating to a buy rating in a research report sent to investors on Saturday.

SHLS has been the subject of several other research reports. Wells Fargo & Company lifted their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 11th. Roth Capital reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research note on Thursday, July 2nd. The Goldman Sachs Group lifted their target price on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Oppenheimer reiterated an “outperform” rating and set a $13.00 target price on shares of Shoals Technologies Group in a research report on Tuesday. Finally, Guggenheim reissued a “buy” rating on shares of Shoals Technologies Group in a research note on Friday, May 22nd. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.71.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $8.93 on Friday. The business’s 50-day simple moving average is $10.03 and its 200 day simple moving average is $8.84. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 47.00, a P/E/G ratio of 1.08 and a beta of 1.93. Shoals Technologies Group has a 12-month low of $4.43 and a 12-month high of $13.18. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.32.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.02. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%.The firm had revenue of $163.37 million during the quarter, compared to analysts’ expectations of $160.03 million. During the same period in the previous year, the business posted $0.10 EPS. The company’s quarterly revenue was up 47.4% compared to the same quarter last year. As a group, research analysts anticipate that Shoals Technologies Group will post 0.34 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Bobbie Lee King, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the transaction, the insider owned 98,918 shares in the company, valued at approximately $1,029,736.38. The trade was a 9.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in SHLS. KBC Group NV acquired a new stake in Shoals Technologies Group during the 1st quarter worth $30,000. PNC Financial Services Group Inc. grew its stake in Shoals Technologies Group by 378.0% in the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock valued at $50,000 after acquiring an additional 5,983 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Shoals Technologies Group in the first quarter valued at about $57,000. Tower Research Capital LLC TRC increased its holdings in shares of Shoals Technologies Group by 468.3% in the second quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company’s stock worth $66,000 after acquiring an additional 12,788 shares in the last quarter. Finally, Miller Howard Investments Inc. NY bought a new stake in shares of Shoals Technologies Group in the first quarter worth about $70,000.

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.