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

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have earned a consensus recommendation of “Hold” from the twenty-one research firms that are presently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $12.92.

Several research firms have issued reports on SHLS. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Truist Financial cut their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Oppenheimer lowered their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research report on Monday. They set an “equal weight” rating and a $46.00 target price on the stock. Finally, BNP Paribas cut shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SHLS. ANTIPODES PARTNERS Ltd lifted its position in Shoals Technologies Group by 122.4% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after acquiring an additional 2,638 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Shoals Technologies Group in the first quarter valued at about $92,000. 1620 Investment Advisors Inc. acquired a new position in shares of Shoals Technologies Group during the second quarter worth about $54,000. Mackenzie Financial Corp bought a new position in shares of Shoals Technologies Group during the second quarter worth about $64,000. Finally, Paloma Partners Management Co bought a new position in shares of Shoals Technologies Group during the first quarter worth about $115,000.

Shoals Technologies Group Stock Performance

Shares of NASDAQ:SHLS opened at $5.12 on Wednesday. The business has a fifty day moving average of $5.58 and a 200-day moving average of $6.82. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. Shoals Technologies Group has a twelve month low of $4.85 and a twelve month high of $17.50. The firm has a market cap of $872.55 million, a PE ratio of 28.44, a price-to-earnings-growth ratio of 0.74 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The firm had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. During the same quarter last year, the company posted $0.12 EPS. The company’s quarterly revenue was down 16.7% compared to the same quarter last year. On average, equities research analysts predict that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.