Shoals Technologies Group (NASDAQ:SHLS) Trading 9.3% Higher – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares rose 9.3% during trading on Tuesday . The company traded as high as $6.84 and last traded at $6.82. Approximately 2,315,040 shares changed hands during trading, a decline of 53% from the average daily volume of 4,909,286 shares. The stock had previously closed at $6.24.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SHLS. BNP Paribas Exane upgraded Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 price target for the company in a research report on Wednesday, February 25th. The Goldman Sachs Group reiterated a “buy” rating on shares of Shoals Technologies Group in a research report on Monday, February 9th. UBS Group lowered their price objective on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Wall Street Zen cut shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Morgan Stanley reduced their price target on shares of Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating on the stock in a report on Wednesday, February 25th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.57.

Shoals Technologies Group Price Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 2.03 and a quick ratio of 1.32. The firm has a market capitalization of $1.08 billion, a PE ratio of 32.35, a P/E/G ratio of 0.95 and a beta of 1.77. The company has a 50-day moving average price of $8.24 and a 200-day moving average price of $8.52.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). Shoals Technologies Group had a return on equity of 9.10% and a net margin of 7.06%.The company had revenue of $148.33 million for the quarter, compared to analysts’ expectations of $144.52 million. During the same quarter in the prior year, the business posted $0.08 EPS. The company’s revenue for the quarter was up 38.6% compared to the same quarter last year. Sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently modified their holdings of SHLS. Hsbc Holdings PLC boosted its position in Shoals Technologies Group by 45.4% during the fourth quarter. Hsbc Holdings PLC now owns 17,429 shares of the company’s stock worth $148,000 after acquiring an additional 5,440 shares during the last quarter. Invesco Ltd. raised its holdings in Shoals Technologies Group by 5.8% in the 4th quarter. Invesco Ltd. now owns 5,877,652 shares of the company’s stock valued at $49,960,000 after acquiring an additional 323,831 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in Shoals Technologies Group by 20.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,670 shares of the company’s stock valued at $116,000 after acquiring an additional 2,304 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Shoals Technologies Group during the 4th quarter worth $127,000. Finally, Polymer Capital Management US LLC acquired a new stake in shares of Shoals Technologies Group during the fourth quarter worth $201,000.

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.