Shoals Technologies Group (NASDAQ:SHLS) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Shoals Technologies Group (NASDAQ:SHLS) had its price objective lifted by research analysts at Cantor Fitzgerald from $11.00 to $12.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald‘s target price suggests a potential upside of 19.05% from the company’s current price.

Several other equities research analysts have also weighed in on the company. Oppenheimer reiterated an “outperform” rating and issued a $13.00 price objective on shares of Shoals Technologies Group in a research note on Tuesday, August 4th. Citigroup reissued a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, July 22nd. Barclays boosted their price target on Shoals Technologies Group from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Thursday, October 8th. JPMorgan Chase & Co. lowered their price target on Shoals Technologies Group from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. Finally, The Goldman Sachs Group increased their price objective on Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Twelve investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $10.88.

Shoals Technologies Group Stock Performance

Shares of NASDAQ:SHLS traded up $1.09 during trading on Thursday, hitting $10.08. 11,034,533 shares of the stock were exchanged, compared to its average volume of 4,461,800. Shoals Technologies Group has a 1-year low of $5.43 and a 1-year high of $13.18. 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 simple moving average is $7.74 and its 200-day simple moving average is $8.47. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 43.83, a price-to-earnings-growth ratio of 0.91 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $195.31 million during the quarter, compared to analysts’ expectations of $161.78 million. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The business’s revenue was up 43.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 EPS. Sell-side analysts expect that Shoals Technologies Group will post 0.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Tidal Investments LLC raised its position in Shoals Technologies Group by 91.3% in the 2nd quarter. Tidal Investments LLC now owns 371,409 shares of the company’s stock valued at $3,677,000 after purchasing an additional 177,223 shares during the last quarter. Squarepoint Ops LLC boosted its stake in Shoals Technologies Group by 410.9% in the second quarter. Squarepoint Ops LLC now owns 367,387 shares of the company’s stock worth $3,637,000 after purchasing an additional 295,484 shares in the last quarter. Great Lakes Advisors LLC bought a new stake in shares of Shoals Technologies Group during the second quarter worth $1,608,000. Edgestream Partners L.P. bought a new stake in shares of Shoals Technologies Group during the first quarter worth $2,235,000. Finally, SEB Asset Management AB bought a new stake in shares of Shoals Technologies Group during the first quarter worth $1,315,000.

Shoals Technologies Group Company Profile

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.