Shoals Technologies Group (NASDAQ:SHLS) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Shoals Technologies Group (NASDAQ:SHLS) from a hold rating to a strong-buy rating in a research report report published on Saturday morning.

Several other analysts have also recently weighed in on the stock. Barclays raised their target price on shares of Shoals Technologies Group from $4.00 to $7.00 and gave the company an “equal weight” rating in a report on Friday, July 18th. Guggenheim raised their price objective on shares of Shoals Technologies Group from $6.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. BNP Paribas reissued an “underperform” rating and set a $4.00 price objective (down previously from $4.50) on shares of Shoals Technologies Group in a report on Thursday, May 15th. The Goldman Sachs Group raised their price objective on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. Finally, Roth Capital raised shares of Shoals Technologies Group from a “neutral” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Thursday, August 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Shoals Technologies Group currently has an average rating of “Moderate Buy” and a consensus price target of $9.15.

Shoals Technologies Group Trading Down 5.5%

Shares of SHLS stock opened at $4.46 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.34 and a quick ratio of 1.64. The firm has a market cap of $745.62 million, a PE ratio of 34.31, a price-to-earnings-growth ratio of 0.64 and a beta of 1.61. The company has a 50-day moving average of $5.31 and a two-hundred day moving average of $4.40. Shoals Technologies Group has a 1-year low of $2.71 and a 1-year high of $7.00.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.27% and a return on equity of 7.57%. The business had revenue of $110.84 million during the quarter, compared to analyst estimates of $104.87 million. During the same quarter last year, the firm posted $0.10 earnings per share. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. On average, analysts predict that Shoals Technologies Group will post 0.29 EPS for the current year.

Institutional Trading of Shoals Technologies Group

A number of institutional investors and hedge funds have recently bought and sold shares of SHLS. Prudential Financial Inc. raised its position in shares of Shoals Technologies Group by 161.9% during the 4th quarter. Prudential Financial Inc. now owns 33,925 shares of the company’s stock valued at $188,000 after acquiring an additional 20,974 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in shares of Shoals Technologies Group during the 4th quarter valued at approximately $124,000. Wells Fargo & Company MN raised its position in shares of Shoals Technologies Group by 41.5% during the 4th quarter. Wells Fargo & Company MN now owns 97,253 shares of the company’s stock valued at $538,000 after acquiring an additional 28,544 shares in the last quarter. Bank of Montreal Can raised its position in shares of Shoals Technologies Group by 63.9% during the 4th quarter. Bank of Montreal Can now owns 72,627 shares of the company’s stock valued at $402,000 after acquiring an additional 28,319 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Shoals Technologies Group by 20.7% during the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after acquiring an additional 1,098,577 shares in 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.