Shoals Technologies Group, Inc. (NASDAQ:SHLS) Stock Rated “Moderate Buy” by Wall Street Brokerages

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been given an average rating of “Moderate Buy” by the eighteen analysts that are presently covering the stock, MarketBeat.com reports. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $10.80.

A number of brokerages have recently issued reports on SHLS. Royal Bank Of Canada boosted their target price 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 Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 9th. Barclays upped their target price on Shoals Technologies Group from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Thursday, October 8th. Jefferies Financial Group decreased their price objective on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, October 14th. Finally, Mizuho reduced their target price on Shoals Technologies Group from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Friday, October 16th.

Shoals Technologies Group Price Performance

SHLS stock opened at $7.60 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25. The company’s fifty day moving average price is $7.57 and its 200-day moving average price is $8.47. Shoals Technologies Group has a one year low of $5.43 and a one year high of $13.18. The company has a market capitalization of $1.28 billion, a PE ratio of 40.00, a price-to-earnings-growth ratio of 0.90 and a beta of 1.85.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. The company had revenue of $163.37 million during the quarter, compared to analyst estimates 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 revenue was up 47.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.10 earnings per share. On average, equities analysts anticipate that Shoals Technologies Group will post 0.35 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

A number of large investors have recently modified their holdings of the stock. Cidel Asset Management Inc. lifted its position in Shoals Technologies Group by 8.5% during the third quarter. Cidel Asset Management Inc. now owns 142,557 shares of the company’s stock worth $1,155,000 after buying an additional 11,217 shares during the period. State of Wyoming raised its holdings in shares of Shoals Technologies Group by 161.8% during the third quarter. State of Wyoming now owns 38,003 shares of the company’s stock worth $308,000 after purchasing an additional 23,488 shares during the period. Fifth Third Wealth Advisors LLC acquired a new position in Shoals Technologies Group during the 3rd quarter valued at approximately $126,000. Sterling Capital Management LLC boosted its position in Shoals Technologies Group by 604.6% during the 3rd quarter. Sterling Capital Management LLC now owns 5,482 shares of the company’s stock worth $44,000 after acquiring an additional 4,704 shares during the period. Finally, Mirador Capital Partners LP lifted its holdings in shares of Shoals Technologies Group by 4.7% in the third quarter. Mirador Capital Partners LP now owns 60,728 shares of the company’s stock valued at $492,000 after buying an additional 2,708 shares during the period.

About Shoals Technologies Group

Shoals Technologies Group, Inc develops electrical balance-of-system (EBOS) solutions for solar energy projects. Its products connect, protect, combine and monitor the direct-current electrical output of solar panels before electricity is converted and delivered to the broader power system.

The company’s product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, communication and monitoring equipment, and other electrical components used in photovoltaic installations.