Shoals Technologies Group (NASDAQ:SHLS) Raised to “Buy” at Wall Street Zen

Shoals Technologies Group (NASDAQ:SHLS) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

Other equities research analysts also recently issued reports about the company. Citigroup restated a “neutral” rating on shares of Shoals Technologies Group in a research report on Wednesday, July 22nd. Jefferies Financial Group lifted their target price on Shoals Technologies Group from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. The Goldman Sachs Group boosted their target price on Shoals Technologies Group from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Roth Capital restated a “buy” rating on shares of Shoals Technologies Group in a report on Thursday, July 2nd. Finally, Weiss Ratings upgraded Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 4th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $10.71.

Shoals Technologies Group Stock Performance

Shares of Shoals Technologies Group stock opened at $8.93 on Friday. The company has a fifty day moving average of $10.03 and a 200 day moving average of $8.84. Shoals Technologies Group has a fifty-two week low of $4.43 and a fifty-two week high of $13.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25. The company has a market capitalization of $1.50 billion, a P/E ratio of 47.00, a P/E/G ratio of 1.08 and a beta of 1.93.

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

Insider Transactions at Shoals Technologies Group

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

Institutional Trading of Shoals Technologies Group

A number of large investors have recently made changes to their positions in the stock. Royal Bank of Canada grew its stake in Shoals Technologies Group by 292.5% in the 1st quarter. Royal Bank of Canada now owns 106,531 shares of the company’s stock worth $353,000 after acquiring an additional 79,392 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Shoals Technologies Group by 184.7% during the first quarter. AQR Capital Management LLC now owns 922,358 shares of the company’s stock valued at $2,975,000 after acquiring an additional 598,407 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Shoals Technologies Group in the first quarter valued at approximately $57,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Shoals Technologies Group by 8.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 517,507 shares of the company’s stock worth $1,718,000 after purchasing an additional 38,983 shares in the last quarter. Finally, Legal & General Group Plc raised its position in Shoals Technologies Group by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 195,828 shares of the company’s stock valued at $832,000 after purchasing an additional 3,601 shares in 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.