Shoals Technologies Group (NASDAQ:SHLS) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of Shoals Technologies Group (NASDAQ:SHLS) from a buy rating to a hold rating in a research note issued to investors on Sunday.

A number of other brokerages have also recently commented on SHLS. Royal Bank Of Canada lifted their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Jefferies Financial Group increased their price objective on Shoals Technologies Group from $10.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Barclays raised their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. The Goldman Sachs Group lifted their target price on Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Shoals Technologies Group currently has an average rating of “Moderate Buy” and an average target price of $10.71.

Shoals Technologies Group Stock Performance

Shares of Shoals Technologies Group stock opened at $8.45 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.32. Shoals Technologies Group has a 12-month low of $4.57 and a 12-month high of $13.18. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 44.48, a PEG ratio of 1.04 and a beta of 1.93. The firm’s 50 day simple moving average is $9.67 and its two-hundred day simple moving average is $8.81.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The business had revenue of $163.37 million during the quarter, compared to analysts’ expectations of $160.03 million. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The business’s quarterly revenue was up 47.4% on a year-over-year basis. During the same quarter last year, the company posted $0.10 earnings per share. Analysts predict that Shoals Technologies Group will post 0.34 EPS for the current year.

Insider Buying and Selling

In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the sale, the insider directly owned 98,918 shares of the company’s stock, valued at approximately $1,029,736.38. This trade represents a 9.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in Shoals Technologies Group by 3.7% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 32,055 shares of the company’s stock valued at $274,000 after purchasing an additional 1,147 shares during the period. Bank of Montreal Can raised its stake in shares of Shoals Technologies Group by 5.1% during the 4th quarter. Bank of Montreal Can now owns 33,510 shares of the company’s stock worth $285,000 after buying an additional 1,620 shares during the period. Federated Hermes Inc. lifted its position in shares of Shoals Technologies Group by 1.1% during the 4th quarter. Federated Hermes Inc. now owns 165,278 shares of the company’s stock valued at $1,405,000 after buying an additional 1,812 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Shoals Technologies Group by 0.5% during the 1st quarter. Principal Financial Group Inc. now owns 394,094 shares of the company’s stock valued at $2,593,000 after buying an additional 1,883 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its stake in Shoals Technologies Group by 20.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,670 shares of the company’s stock valued at $116,000 after acquiring an additional 2,304 shares during the period.

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.