Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 8.4% – Still a Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price was up 8.4% on Tuesday . The company traded as high as $6.19 and last traded at $6.2350. Approximately 1,521,941 shares were traded during trading, a decline of 70% from the average daily volume of 5,077,258 shares. The stock had previously closed at $5.75.

Wall Street Analysts Forecast Growth

SHLS has been the subject of a number of analyst reports. Barclays decreased their target price on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. Wall Street Zen lowered Shoals Technologies Group from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Needham & Company LLC decreased their price target on Shoals Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Citigroup dropped their price objective on Shoals Technologies Group from $11.00 to $8.50 and set a “neutral” rating on the stock in a research note on Thursday, February 26th. Finally, Jefferies Financial Group restated a “buy” rating and set a $10.00 target price on shares of Shoals Technologies Group in a report on Wednesday, February 25th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $9.71.

Shoals Technologies Group Stock Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 2.03 and a quick ratio of 1.32. The stock’s 50-day moving average price is $8.89 and its 200-day moving average price is $8.57. The company has a market cap of $1.04 billion, a P/E ratio of 31.08, a PEG ratio of 0.69 and a beta of 1.77.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, February 24th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). Shoals Technologies Group had a return on equity of 9.10% and a net margin of 7.06%.The business had revenue of $148.33 million for the quarter, compared to the consensus estimate of $144.52 million. During the same period in the prior year, the business posted $0.08 earnings per share. Shoals Technologies Group’s revenue was up 38.6% compared to the same quarter last year. Equities analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of large investors have recently added to or reduced their stakes in SHLS. GAMMA Investing LLC raised its holdings in Shoals Technologies Group by 57.7% in the 4th quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock valued at $32,000 after acquiring an additional 1,375 shares in the last quarter. USA Financial Formulas acquired a new position in Shoals Technologies Group during the fourth quarter worth about $49,000. State of Alaska Department of Revenue bought a new position in shares of Shoals Technologies Group in the third quarter worth about $54,000. CIBC Asset Management Inc acquired a new stake in shares of Shoals Technologies Group in the 4th quarter valued at approximately $85,000. Finally, Cibc World Markets Corp acquired a new position in Shoals Technologies Group during the 4th quarter worth approximately $95,000.

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.