Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 6.5%

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares rose 6.5% on Wednesday . The stock traded as high as $11.86 and last traded at $11.86. Approximately 1,036,202 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 3,613,804 shares. The stock had previously closed at $11.14.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Janney Montgomery Scott initiated coverage on shares of Shoals Technologies Group in a report on Friday, January 19th. They set a “buy” rating and a $20.00 target price for the company. UBS Group lowered their target price on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $24.00 price objective on shares of Shoals Technologies Group in a report on Wednesday, March 13th. TD Cowen dropped their target price on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Finally, Oppenheimer decreased their price target on shares of Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.18.

Shoals Technologies Group Stock Performance

The company has a market capitalization of $1.90 billion, a P/E ratio of 44.72 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. The stock’s 50 day moving average price is $13.77 and its 200 day moving average price is $15.10.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The business had revenue of $130.44 million during 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%. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.5 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SHLS. Raymond James & Associates raised its stake in Shoals Technologies Group by 1.1% during the 1st quarter. Raymond James & Associates now owns 90,966 shares of the company’s stock worth $1,550,000 after buying an additional 1,034 shares during the period. Bank of New York Mellon Corp raised its stake in Shoals Technologies Group by 2.7% during the 1st quarter. Bank of New York Mellon Corp now owns 341,154 shares of the company’s stock worth $5,813,000 after buying an additional 9,067 shares during the period. US Bancorp DE raised its stake in shares of Shoals Technologies Group by 700.2% in the first quarter. US Bancorp DE now owns 6,450 shares of the company’s stock worth $110,000 after purchasing an additional 5,644 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Shoals Technologies Group by 41.1% in the first quarter. Bank of Montreal Can now owns 33,244 shares of the company’s stock worth $597,000 after purchasing an additional 9,691 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of Shoals Technologies Group in the first quarter worth approximately $36,000.

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.