Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Consensus Recommendation of "Moderate Buy" from Brokerages – MarketBeat

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Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) have earned an average rating of “Hold” from the fourteen ratings firms that are covering the stock, Marketbeat reports. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $27.58.
A number of brokerages recently issued reports on SHLS. Cowen decreased their price objective on shares of Shoals Technologies Group to $20.00 and set a “na” rating on the stock in a research note on Tuesday, May 17th. JPMorgan Chase & Co. boosted their target price on shares of Shoals Technologies Group from $31.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, August 8th. Northland Securities cut shares of Shoals Technologies Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 19th. Barclays boosted their target price on shares of Shoals Technologies Group from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 16th. Finally, Morgan Stanley boosted their target price on shares of Shoals Technologies Group from $21.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 18th.

Shoals Technologies Group Stock Down 3.6 %

NASDAQ SHLS opened at $25.71 on Friday. The company has a current ratio of 2.83, a quick ratio of 1.66 and a debt-to-equity ratio of 32.54. Shoals Technologies Group has a 1-year low of $9.58 and a 1-year high of $36.86. The company has a 50 day moving average of $20.50 and a 200-day moving average of $17.05. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 642.91 and a beta of 2.40.
Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last released its quarterly earnings results on Monday, August 15th. The company reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. The company had revenue of $73.49 million during the quarter, compared to the consensus estimate of $72.89 million. Shoals Technologies Group had a net margin of 3.08% and a negative return on equity of 709.22%. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.08 earnings per share. On average, equities research analysts expect that Shoals Technologies Group will post 0.22 earnings per share for the current fiscal year.

Insider Activity at Shoals Technologies Group

In related news, CEO Jason R. Whitaker sold 8,333 shares of the business’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $26.05, for a total value of $217,074.65. Following the transaction, the chief executive officer now owns 699,285 shares in the company, valued at $18,216,374.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CEO Jason R. Whitaker sold 8,333 shares of the business’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $26.05, for a total value of $217,074.65. Following the transaction, the chief executive officer now owns 699,285 shares in the company, valued at $18,216,374.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ty P. Daul acquired 5,500 shares of the company’s stock in a transaction dated Thursday, June 16th. The shares were bought at an average price of $17.60 per share, for a total transaction of $96,800.00. Following the acquisition, the director now directly owns 28,591 shares of the company’s stock, valued at approximately $503,201.60. The disclosure for this purchase can be found here. 1.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its holdings in shares of Shoals Technologies Group by 5.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 13,426,495 shares of the company’s stock valued at $221,269,000 after purchasing an additional 694,386 shares during the period. Invesco Ltd. increased its position in shares of Shoals Technologies Group by 0.8% during the first quarter. Invesco Ltd. now owns 7,063,711 shares of the company’s stock worth $120,365,000 after acquiring an additional 55,184 shares in the last quarter. William Blair Investment Management LLC bought a new stake in shares of Shoals Technologies Group during the second quarter worth about $88,878,000. Goldman Sachs Group Inc. increased its position in shares of Shoals Technologies Group by 69.5% during the second quarter. Goldman Sachs Group Inc. now owns 4,073,397 shares of the company’s stock worth $67,130,000 after acquiring an additional 1,670,238 shares in the last quarter. Finally, Capital Research Global Investors increased its position in shares of Shoals Technologies Group by 107.7% during the first quarter. Capital Research Global Investors now owns 3,466,612 shares of the company’s stock worth $59,071,000 after acquiring an additional 1,797,637 shares in the last quarter. Institutional investors and hedge funds own 67.05% of the company’s stock.

Shoals Technologies Group Company Profile

(Get Rating)
Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices.

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