Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 7.2%

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price shot up 7.2% during mid-day trading on Tuesday . The stock traded as high as $9.05 and last traded at $9.04. 441,930 shares traded hands during trading, a decline of 89% from the average session volume of 3,844,851 shares. The stock had previously closed at $8.43.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. The Goldman Sachs Group cut their target price on Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, March 1st. Mizuho dropped their target price on Shoals Technologies Group from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $24.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, March 13th. Janney Montgomery Scott began coverage on Shoals Technologies Group in a report on Friday, January 19th. They issued a “buy” rating and a $20.00 target price for the company. Finally, Truist Financial reissued a “buy” rating and set a $20.00 target price (down previously from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Shoals Technologies Group has an average rating of “Moderate Buy” and a consensus target price of $20.94.

Shoals Technologies Group Stock Performance

The company’s fifty day moving average price is $12.20 and its two-hundred day moving average price is $13.86. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. The firm has a market capitalization of $1.47 billion, a PE ratio of 36.08 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The firm had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its holdings in Shoals Technologies Group by 28.5% during the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after buying an additional 2,864,879 shares in the last quarter. Norges Bank purchased a new stake in shares of Shoals Technologies Group in the fourth quarter valued at $31,416,000. Handelsbanken Fonder AB raised its position in Shoals Technologies Group by 301.5% during the fourth quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock valued at $39,206,000 after buying an additional 1,894,560 shares during the period. JPMorgan Chase & Co. increased its position in Shoals Technologies Group by 28.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after purchasing an additional 1,402,419 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its position in shares of Shoals Technologies Group by 25.1% in the third quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock worth $108,310,000 after buying an additional 1,190,411 shares during the last quarter.

About Shoals Technologies Group

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.