Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have received an average recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the firm, Marketbeat reports. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $9.4286.

A number of brokerages have issued reports on SHLS. Royal Bank Of Canada decreased their price target 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. TD Cowen reiterated a “buy” rating on shares of Shoals Technologies Group in a research report on Tuesday, February 24th. Morgan Stanley cut their price objective on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a research report on Wednesday, February 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Shoals Technologies Group in a research report on Friday, January 9th. Finally, Guggenheim cut their price objective on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $6.92 on Friday. The stock has a fifty day moving average price of $7.36 and a two-hundred day moving average price of $8.46. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 2.03. The firm has a market cap of $1.16 billion, a P/E ratio of 34.60, a PEG ratio of 1.00 and a beta of 1.64. Shoals Technologies Group has a 1 year low of $2.92 and a 1 year high of $11.36.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The firm had revenue of $148.33 million for 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 for the quarter was up 38.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.08 earnings per share. Research analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Shoals Technologies Group by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock valued at $115,550,000 after acquiring an additional 404,133 shares during the last quarter. Encompass Capital Advisors LLC acquired a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at $56,120,000. Price T Rowe Associates Inc. MD lifted its position in shares of Shoals Technologies Group by 151.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock valued at $108,410,000 after acquiring an additional 7,685,515 shares during the last quarter. Peconic Partners LLC lifted its position in shares of Shoals Technologies Group by 79.8% during the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after acquiring an additional 3,095,186 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Shoals Technologies Group by 1,493.0% in the fourth quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock valued at $53,819,000 after purchasing an additional 5,934,223 shares in the last quarter.

About Shoals Technologies Group

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.