Shoals Technologies Group (NASDAQ:SHLS) Stock Gets Price Target Increase from Barclays

Shoals Technologies Group (NASDAQ:SHLS) had its target price raised by investment analysts at Barclays from $10.00 to $11.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 30.87% from the stock’s previous close.

SHLS has been the subject of a number of other reports. Roth Capital restated a “buy” rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. Oppenheimer reissued an “outperform” rating and set a $13.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, August 4th. Wall Street Zen downgraded shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Wells Fargo & Company boosted their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 11th. Finally, The Goldman Sachs Group raised their target price on Shoals Technologies Group from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.79.

Shoals Technologies Group Stock Performance

Shoals Technologies Group stock traded up $0.01 during midday trading on Thursday, hitting $8.40. 785,162 shares of the company were exchanged, compared to its average volume of 5,190,636. 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 firm has a market capitalization of $1.41 billion, a PE ratio of 44.29, a price-to-earnings-growth ratio of 1.05 and a beta of 1.85. The business has a fifty day simple moving average of $7.77 and a two-hundred day simple moving average of $8.61. Shoals Technologies Group has a fifty-two week low of $5.43 and a fifty-two week high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The firm had revenue of $163.37 million for the quarter, compared to the consensus estimate of $160.03 million. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The firm’s quarterly revenue was up 47.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.10 earnings per share. On average, sell-side analysts forecast that Shoals Technologies Group will post 0.34 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors have recently bought and sold shares of the company. Tidal Investments LLC grew its position in Shoals Technologies Group by 91.3% in the second quarter. Tidal Investments LLC now owns 371,409 shares of the company’s stock worth $3,677,000 after acquiring an additional 177,223 shares during the period. Squarepoint Ops LLC raised its position in Shoals Technologies Group by 410.9% in the second quarter. Squarepoint Ops LLC now owns 367,387 shares of the company’s stock valued at $3,637,000 after purchasing an additional 295,484 shares during the period. Great Lakes Advisors LLC purchased a new stake in Shoals Technologies Group in the second quarter valued at $1,608,000. Edgestream Partners L.P. acquired a new position in shares of Shoals Technologies Group in the 1st quarter valued at $2,235,000. Finally, SEB Asset Management AB acquired a new position in shares of Shoals Technologies Group in the 1st quarter valued at $1,315,000.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc (NASDAQ:SHLS) develops electrical balance-of-system (EBOS) products and systems for solar energy installations. Its solutions are designed to connect, protect, monitor and manage the flow of electricity between solar panels and the electrical grid, helping reduce installation complexity and support the performance and safety of photovoltaic projects.

The company’s product portfolio includes electrical wire harnesses, inline fuses, combiner boxes, disconnects, junction boxes, monitoring systems and other power-management equipment.