Shoals Technologies Group (NASDAQ:SHLS) Shares Up 10% – Here’s What Happened

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded up 10% during mid-day trading on Thursday . The stock traded as high as $7.51 and last traded at $7.5050. 2,228,160 shares traded hands during trading, a decline of 58% from the average session volume of 5,278,555 shares. The stock had previously closed at $6.82.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Citigroup reiterated a “neutral” rating on shares of Shoals Technologies Group in a research note on Wednesday, July 22nd. The Goldman Sachs Group lifted their price target on Shoals Technologies Group from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Royal Bank Of Canada upped their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. Weiss Ratings upgraded shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, September 8th. Finally, Guggenheim reissued a “buy” rating on shares of Shoals Technologies Group in a research report on Friday, May 22nd. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.71.

Shoals Technologies Group Stock Up 11.3%

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 has a market capitalization of $1.28 billion, a PE ratio of 39.92, a price-to-earnings-growth ratio of 0.87 and a beta of 1.89. The firm has a 50-day moving average of $8.36 and a two-hundred day moving average of $8.41.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its stake in shares of Shoals Technologies Group by 0.5% in the 1st quarter. Principal Financial Group Inc. now owns 394,094 shares of the company’s stock valued at $2,593,000 after purchasing an additional 1,883 shares during the last quarter. KBC Group NV acquired a new position in Shoals Technologies Group during the first quarter worth $30,000. Ardsley Advisory Partners LP increased its position in Shoals Technologies Group by 25.0% during the fourth quarter. Ardsley Advisory Partners LP now owns 25,000 shares of the company’s stock worth $212,000 after buying an additional 5,000 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Shoals Technologies Group during the second quarter valued at about $53,000. Finally, PNC Financial Services Group Inc. raised its holdings in Shoals Technologies Group by 378.0% during the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock valued at $50,000 after buying an additional 5,983 shares in the last quarter.

About Shoals Technologies Group

Shoals Technologies Group, Inc (NASDAQ: SHLS) develops and supplies electrical balance-of-system (EBOS) products for solar energy installations. Its solutions connect, protect, combine and monitor the electrical output of photovoltaic panels, helping solar developers and installers improve system reliability and simplify project construction.

The company’s product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, cable-management systems and other wiring and connectivity solutions.