Shoals Technologies Group, Inc. (NASDAQ:SHLS) Stock Has Consensus Price Target of $10.71

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been given a consensus rating of “Moderate Buy” by the seventeen research firms that are currently covering the stock, Marketbeat reports. Six analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $10.79.

SHLS has been the topic of several research reports. Barclays upped their price objective on Shoals Technologies Group from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Thursday. Wall Street Zen downgraded Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Oppenheimer reaffirmed an “outperform” rating and set a $13.00 price target on shares of Shoals Technologies Group in a research note on Tuesday, August 4th. Citigroup reiterated a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, July 22nd. Finally, Weiss Ratings cut Shoals Technologies Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, September 24th.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $8.42 on Friday. The business’s fifty day moving average is $7.76 and its two-hundred day moving average is $8.63. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25. The firm has a market cap of $1.42 billion, a P/E ratio of 44.32, a P/E/G ratio of 1.04 and a beta of 1.85. Shoals Technologies Group has a 52 week low of $5.43 and a 52 week high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business 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 earnings per share. The firm’s revenue for the quarter was up 47.4% compared to the same quarter last year. Equities research analysts forecast that Shoals Technologies Group will post 0.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. KBC Group NV acquired a new position in Shoals Technologies Group during the first quarter valued at approximately $30,000. Farther Finance Advisors LLC lifted its position in shares of Shoals Technologies Group by 428.6% in the third quarter. Farther Finance Advisors LLC now owns 4,134 shares of the company’s stock worth $33,000 after purchasing an additional 3,352 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Shoals Technologies Group by 378.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after buying an additional 5,983 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Shoals Technologies Group during the second quarter valued at approximately $53,000. Finally, Miller Howard Investments Inc. NY bought a new stake in shares of Shoals Technologies Group during the 1st quarter worth approximately $70,000.

About Shoals Technologies Group

Shoals Technologies Group, Inc (NASDAQ:SHLS) develops electrical balance-of-system (EBOS) products and systems for solar energy installations. Its solutions are designed to connect, protect, monitor and manage the flow of electricity between solar panels and the electrical grid, helping reduce installation complexity and support the performance and safety of photovoltaic projects.

The company’s product portfolio includes electrical wire harnesses, inline fuses, combiner boxes, disconnects, junction boxes, monitoring systems and other power-management equipment.