Shoals Technologies Group (NASDAQ:SHLS) Shares Up 10.1% – Still a Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price was up 10.1% during trading on Wednesday . The stock traded as high as $7.57 and last traded at $7.5650. Approximately 683,805 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 4,964,409 shares. The stock had previously closed at $6.87.

Analyst Ratings Changes

Several equities analysts recently commented on SHLS shares. TD Cowen reissued a “buy” rating on shares of Shoals Technologies Group in a report on Tuesday, February 24th. Wells Fargo & Company dropped their target price on Shoals Technologies Group from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 25th. Guggenheim dropped their target price on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th. BNP Paribas Exane raised Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 target price on the stock in a report on Wednesday, February 25th. Finally, Needham & Company LLC dropped their price objective on Shoals Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.43.

Shoals Technologies Group Stock Up 9.2%

The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 37.48, a P/E/G ratio of 0.80 and a beta of 1.64. The firm’s 50 day moving average price is $7.16 and its two-hundred day moving average price is $8.44. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.03 and a quick ratio of 1.32.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, February 24th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.04). The business had revenue of $148.33 million for the quarter, compared to analyst estimates of $144.52 million. Shoals Technologies Group had a return on equity of 9.10% and a net margin of 7.06%.Shoals Technologies Group’s quarterly revenue was up 38.6% on a year-over-year basis. During the same quarter last year, the company posted $0.08 EPS. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds have recently added to or reduced their stakes in SHLS. Price T Rowe Associates Inc. MD lifted its position in Shoals Technologies Group by 151.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock valued at $108,410,000 after purchasing an additional 7,685,515 shares during the period. First Trust Advisors LP lifted its position in Shoals Technologies Group by 1,493.0% in the fourth quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock valued at $53,819,000 after purchasing an additional 5,934,223 shares during the period. Castle Hook Partners LP acquired a new stake in Shoals Technologies Group in the fourth quarter valued at about $40,095,000. Amundi lifted its position in Shoals Technologies Group by 175.2% in the fourth quarter. Amundi now owns 5,776,766 shares of the company’s stock valued at $49,075,000 after purchasing an additional 3,677,713 shares during the period. Finally, Peconic Partners LLC lifted its position in Shoals Technologies Group by 79.8% in the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after purchasing an additional 3,095,186 shares during the period.

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.