Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives $21.06 Average PT from Brokerages

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been given a consensus rating of “Moderate Buy” by the seventeen analysts that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $20.94.

Several equities research analysts have recently commented on SHLS shares. Royal Bank of Canada reduced their target price on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Oppenheimer reduced their price target on shares of Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. The Goldman Sachs Group reduced their price target on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. JPMorgan Chase & Co. reduced their price target on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Finally, Janney Montgomery Scott started coverage on shares of Shoals Technologies Group in a research report on Friday, January 19th. They set a “buy” rating and a $20.00 price target on the stock.

Institutional Trading of Shoals Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. increased its stake in Shoals Technologies Group by 4,053.2% during the 4th quarter. Alliancebernstein L.P. now owns 5,254,717 shares of the company’s stock worth $129,634,000 after purchasing an additional 5,128,195 shares in the last quarter. BlackRock Inc. lifted its stake in Shoals Technologies Group by 23.6% in the first quarter. BlackRock Inc. now owns 16,288,180 shares of the company’s stock valued at $371,208,000 after buying an additional 3,112,106 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Shoals Technologies Group by 28.5% during the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after acquiring an additional 2,864,879 shares in the last quarter. Norges Bank acquired a new stake in shares of Shoals Technologies Group during the fourth quarter worth $31,416,000. Finally, Handelsbanken Fonder AB raised its holdings in shares of Shoals Technologies Group by 301.5% during the fourth quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after acquiring an additional 1,894,560 shares during the period.

Shoals Technologies Group Stock Up 1.0 %

Shares of NASDAQ:SHLS opened at $8.29 on Wednesday. Shoals Technologies Group has a 52 week low of $8.06 and a 52 week high of $28.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. The company’s fifty day moving average is $12.38 and its 200-day moving average is $13.91. The company has a market capitalization of $1.41 billion, a PE ratio of 33.16 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The firm had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Equities research analysts predict that Shoals Technologies Group will post 0.51 earnings per share for the current fiscal year.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.