Shoals Technologies Group (NASDAQ:SHLS) Shares Up 5.6% – What’s Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded up 5.6% during trading on Wednesday . The company traded as high as $7.38 and last traded at $7.2770. 4,122,345 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 5,361,460 shares. The stock had previously closed at $6.89.

Analysts Set New Price Targets

Several brokerages have commented on SHLS. Guggenheim reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research report on Friday, May 22nd. Jefferies Financial Group raised their price target on Shoals Technologies Group from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. UBS Group boosted their price objective on shares of Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Wells Fargo & Company lifted their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, June 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $10.71.

Shoals Technologies Group Stock Performance

The company has a market cap of $1.21 billion, a PE ratio of 37.69, a price-to-earnings-growth ratio of 0.84 and a beta of 1.93. The company has a current ratio of 2.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.32. The firm’s fifty day moving average is $9.30 and its 200 day moving average is $8.69.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.02. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%.The company had revenue of $163.37 million for the quarter, compared to the consensus estimate of $160.03 million. During the same quarter in the prior year, the business earned $0.10 EPS. Shoals Technologies Group’s revenue was up 47.4% on a year-over-year basis. As a group, research analysts predict that Shoals Technologies Group, Inc. will post 0.34 EPS for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total value of $104,100.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

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

Shoals Technologies Group Company Profile

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.