Shoals Technologies Group (NASDAQ:SHLS) Trading Up 9.3% – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares were up 9.3% during mid-day trading on Tuesday . The stock traded as high as $6.84 and last traded at $6.82. Approximately 2,315,040 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 4,909,286 shares. The stock had previously closed at $6.24.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Morgan Stanley cut their target price on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating on the stock in a research report on Wednesday, February 25th. Royal Bank Of Canada dropped their price target on Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. Wall Street Zen cut shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Guggenheim reduced their price target on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Shoals Technologies Group in a research report on Friday, January 9th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Moderate Buy” and an average target price of $9.57.

Shoals Technologies Group Price Performance

The firm has a market cap of $1.15 billion, a PE ratio of 34.27, a price-to-earnings-growth ratio of 0.84 and a beta of 1.77. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The company has a 50 day moving average price of $8.34 and a 200 day moving average price of $8.53.

Shoals Technologies Group (NASDAQ:SHLS) last posted its 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 firm had revenue of $148.33 million for the quarter, compared to analysts’ expectations of $144.52 million. During the same quarter in the previous year, the firm posted $0.08 earnings per share. The firm’s revenue for the quarter was up 38.6% compared to the same quarter last year. On average, sell-side analysts expect 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 institutional investors and hedge funds have recently bought and sold shares of the stock. Hsbc Holdings PLC grew its holdings in Shoals Technologies Group by 45.4% during the 4th quarter. Hsbc Holdings PLC now owns 17,429 shares of the company’s stock valued at $148,000 after buying an additional 5,440 shares during the last quarter. Invesco Ltd. lifted its position in shares of Shoals Technologies Group by 5.8% in the fourth quarter. Invesco Ltd. now owns 5,877,652 shares of the company’s stock valued at $49,960,000 after acquiring an additional 323,831 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in shares of Shoals Technologies Group by 20.3% during the fourth 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 last quarter. nVerses Capital LLC acquired a new stake in shares of Shoals Technologies Group during the fourth quarter valued at $127,000. Finally, Polymer Capital Management US LLC acquired a new position in Shoals Technologies Group in the 4th quarter valued at about $201,000.

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.