Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives $9.64 Consensus Price Target from Analysts

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have earned an average recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and ten have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $9.6429.

SHLS has been the topic of a number of research reports. Jefferies Financial Group dropped their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. Royal Bank Of Canada dropped their target price on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. Wells Fargo & Company dropped their target price on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 25th. Finally, Weiss Ratings raised Shoals Technologies Group from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd.

Insider Transactions at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 54,449 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $8.48, for a total value of $461,727.52. Following the completion of the transaction, the chief financial officer owned 394,979 shares of the company’s stock, valued at $3,349,421.92. This represents a 12.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Edgestream Partners L.P. acquired a new position in Shoals Technologies Group in the first quarter worth about $2,235,000. California State Teachers Retirement System grew its position in Shoals Technologies Group by 31.0% in the first quarter. California State Teachers Retirement System now owns 199,903 shares of the company’s stock valued at $1,315,000 after acquiring an additional 47,318 shares during the period. Redwood Grove Capital LLC grew its position in Shoals Technologies Group by 20.2% in the first quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company’s stock valued at $19,986,000 after acquiring an additional 511,000 shares during the period. The Manufacturers Life Insurance Company grew its position in Shoals Technologies Group by 46.0% in the first quarter. The Manufacturers Life Insurance Company now owns 73,662 shares of the company’s stock valued at $484,000 after acquiring an additional 23,200 shares during the period. Finally, SummitTX Capital L.P. bought a new stake in Shoals Technologies Group in the first quarter valued at $1,574,000.

Shoals Technologies Group Price Performance

NASDAQ SHLS opened at $10.81 on Monday. Shoals Technologies Group has a twelve month low of $3.99 and a twelve month high of $13.18. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.07 and a current ratio of 1.84. The stock has a market capitalization of $1.81 billion, a PE ratio of 54.05, a P/E/G ratio of 1.31 and a beta of 1.89. The stock has a 50-day simple moving average of $8.59 and a 200 day simple moving average of $8.46.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The business had revenue of $140.56 million during the quarter, compared to analysts’ expectations of $129.16 million. The business’s quarterly revenue was up 74.4% compared to the same quarter last year. Research analysts anticipate that Shoals Technologies Group will post 0.34 EPS for the current year.

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.