Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have received an average recommendation of “Moderate Buy” from the seventeen ratings firms that are covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $10.7143.

A number of research analysts recently issued reports on the stock. Roth Capital reiterated a “buy” rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. JPMorgan Chase & Co. raised their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Wall Street Zen downgraded shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research note on Sunday, August 16th. Weiss Ratings upgraded shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 4th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Shoals Technologies Group in a research report on Wednesday, July 22nd.

Shoals Technologies Group Trading Down 3.9%

Shares of SHLS stock opened at $7.09 on Friday. The company has a market cap of $1.19 billion, a P/E ratio of 37.32, a PEG ratio of 0.91 and a beta of 1.93. The stock has a 50 day simple moving average of $9.43 and a two-hundred day simple moving average of $8.74. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25. Shoals Technologies Group has a fifty-two week low of $5.43 and a fifty-two week high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The firm had revenue of $163.37 million for the quarter, compared to analysts’ expectations of $160.03 million. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%.The company’s revenue for the quarter was up 47.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.10 EPS. Research analysts forecast that Shoals Technologies Group will post 0.34 earnings per share for the current year.

Insider Activity at Shoals Technologies Group

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the sale, the insider owned 98,918 shares in the company, valued at $1,029,736.38. The trade was a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Shoals Technologies Group

A number of hedge funds and other institutional investors have recently bought and sold shares of SHLS. Vanguard Group Inc. lifted its stake in shares of Shoals Technologies Group by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock valued at $115,550,000 after buying an additional 404,133 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Shoals Technologies Group by 151.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock worth $108,410,000 after acquiring an additional 7,685,515 shares in the last quarter. First Trust Advisors LP increased its position in shares of Shoals Technologies Group by 15.4% during the first quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock worth $48,061,000 after acquiring an additional 972,382 shares in the last quarter. Peconic Partners LLC raised its holdings in shares of Shoals Technologies Group by 79.8% in the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock worth $29,645,000 after acquiring an additional 3,095,186 shares during the last quarter. Finally, UBS Group AG raised its holdings in shares of Shoals Technologies Group by 87.6% in the 4th quarter. UBS Group AG now owns 6,140,543 shares of the company’s stock worth $52,195,000 after acquiring an additional 2,867,959 shares during the last quarter.

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.