Brokerages Set Shoals Technologies Group, Inc. (NASDAQ:SHLS) Target Price at $21.18

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has earned an average rating of “Moderate Buy” from the seventeen brokerages that are covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $21.18.

SHLS has been the topic of a number of analyst reports. Truist Financial reissued a “buy” rating and issued a $20.00 target price (down previously from $23.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $24.00 target price on shares of Shoals Technologies Group in a research note on Wednesday, March 13th. Janney Montgomery Scott initiated coverage on shares of Shoals Technologies Group in a research note on Friday, January 19th. They issued a “buy” rating and a $20.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, February 29th. Finally, The Goldman Sachs Group lowered their target price on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, March 1st.

Institutional Trading of Shoals Technologies Group

Several hedge funds have recently modified their holdings of SHLS. Raymond James & Associates grew its stake in shares of Shoals Technologies Group by 1.1% during the first quarter. Raymond James & Associates now owns 90,966 shares of the company’s stock valued at $1,550,000 after purchasing an additional 1,034 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Shoals Technologies Group by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 341,154 shares of the company’s stock valued at $5,813,000 after buying an additional 9,067 shares during the period. US Bancorp DE lifted its holdings in Shoals Technologies Group by 700.2% in the first quarter. US Bancorp DE now owns 6,450 shares of the company’s stock valued at $110,000 after buying an additional 5,644 shares during the period. Bank of Montreal Can lifted its holdings in Shoals Technologies Group by 41.1% in the first quarter. Bank of Montreal Can now owns 33,244 shares of the company’s stock valued at $597,000 after buying an additional 9,691 shares during the period. Finally, MetLife Investment Management LLC acquired a new position in Shoals Technologies Group in the first quarter valued at approximately $36,000.

Shoals Technologies Group Stock Up 5.6 %

Shares of SHLS opened at $11.76 on Friday. The company has a 50-day simple moving average of $13.81 and a 200-day simple moving average of $15.13. The firm has a market capitalization of $2.00 billion, a P/E ratio of 47.04 and a beta of 1.82. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. Shoals Technologies Group has a 52 week low of $11.11 and a 52 week high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The company had revenue of $130.44 million for the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. On average, equities research analysts expect that Shoals Technologies Group will post 0.5 earnings per share for the current year.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.