Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives $10.31 Average Target Price from Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been assigned a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are currently covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $10.4615.

A number of equities analysts have recently commented on SHLS shares. JPMorgan Chase & Co. boosted their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Citigroup reiterated a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday. Barclays upped their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price target on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. Finally, Jefferies Financial Group raised their price objective on shares of Shoals Technologies Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th.

Insider Transactions at Shoals Technologies Group

In related news, insider Bobbie Lee King, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the transaction, the insider owned 98,918 shares in the company, valued at approximately $1,029,736.38. This represents a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Dominic Bardos sold 54,449 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $8.48, for a total value of $461,727.52. Following the transaction, the chief financial officer directly owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. This trade represents a 12.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. KBC Group NV purchased a new position in shares of Shoals Technologies Group in the 1st quarter worth about $30,000. GAMMA Investing LLC raised its holdings in shares of Shoals Technologies Group by 57.7% during the fourth 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 bought a new stake in Shoals Technologies Group in the fourth quarter valued at $49,000. PNC Financial Services Group Inc. increased its position in Shoals Technologies Group by 378.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock valued at $50,000 after purchasing an additional 5,983 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Shoals Technologies Group in the 1st quarter worth about $57,000.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $9.39 on Tuesday. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 46.95, a P/E/G ratio of 1.14 and a beta of 1.90. The firm’s 50 day simple moving average is $10.38 and its 200 day simple moving average is $8.86. Shoals Technologies Group has a 1 year low of $4.43 and a 1 year high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The business had revenue of $140.56 million for the quarter, compared to analysts’ expectations of $129.16 million. Shoals Technologies Group’s revenue for the quarter was up 74.4% compared to the same quarter last year. As a group, research analysts expect that Shoals Technologies Group will post 0.34 earnings per share for the current fiscal year.

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.