Shoals Technologies Group (NASDAQ:SHLS) Stock Jumps 7.7% – What’s Next?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded up 7.7% during mid-day trading on Monday. The company traded as high as $7.66 and last traded at $7.7550. Approximately 335,627 shares changed hands during trading, a decline of 93% from the average daily volume of 5,129,168 shares. The stock had previously closed at $7.20.

Analysts Set New Price Targets

Several equities research analysts recently commented on SHLS shares. Oppenheimer reaffirmed an “outperform” rating and issued a $13.00 price target on shares of Shoals Technologies Group in a report on Tuesday, August 4th. JPMorgan Chase & Co. dropped their price target on shares of Shoals Technologies Group from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Royal Bank Of Canada increased their target price 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. Weiss Ratings upgraded shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Finally, Jefferies Financial Group reduced their target price on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, October 14th. Eleven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.80.

Shoals Technologies Group Stock Performance

The company has a quick ratio of 1.12, a current ratio of 2.25 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $1.30 billion, a PE ratio of 40.66, a PEG ratio of 0.86 and a beta of 1.86. The company has a 50-day moving average price of $7.56 and a two-hundred day moving average price of $8.48.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. The firm had revenue of $163.37 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 47.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.10 EPS. Analysts predict that Shoals Technologies Group, Inc. will post 0.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of large investors have recently added to or reduced their stakes in the company. Cidel Asset Management Inc. raised its holdings in shares of Shoals Technologies Group by 8.5% during the third quarter. Cidel Asset Management Inc. now owns 142,557 shares of the company’s stock valued at $1,155,000 after acquiring an additional 11,217 shares in the last quarter. State of Wyoming increased its position in shares of Shoals Technologies Group by 161.8% during the third quarter. State of Wyoming now owns 38,003 shares of the company’s stock valued at $308,000 after buying an additional 23,488 shares during the period. Fifth Third Wealth Advisors LLC bought a new position in Shoals Technologies Group in the third quarter worth about $126,000. Sterling Capital Management LLC boosted its position in Shoals Technologies Group by 604.6% during the 3rd quarter. Sterling Capital Management LLC now owns 5,482 shares of the company’s stock valued at $44,000 after acquiring an additional 4,704 shares in the last quarter. Finally, Mirador Capital Partners LP grew its holdings in shares of Shoals Technologies Group by 4.7% during the 3rd quarter. Mirador Capital Partners LP now owns 60,728 shares of the company’s stock worth $492,000 after acquiring an additional 2,708 shares during the period.

About Shoals Technologies Group

Shoals Technologies Group, Inc develops electrical balance-of-system (EBOS) solutions for solar energy projects. Its products connect, protect, combine and monitor the direct-current electrical output of solar panels before electricity is converted and delivered to the broader power system.

The company’s product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, communication and monitoring equipment, and other electrical components used in photovoltaic installations.