Analysts Set Shoals Technologies Group, Inc. (NASDAQ:SHLS) Target Price at $10.71

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have received an average rating of “Moderate Buy” from the seventeen analysts that are currently covering the stock, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $10.7143.

A number of equities research analysts recently commented on the stock. Wall Street Zen cut shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Sunday. Citigroup reaffirmed a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, July 22nd. Weiss Ratings upgraded Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 4th. Wells Fargo & Company raised their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 11th. Finally, JPMorgan Chase & Co. boosted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th.

Insiders Place Their Bets

In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following the completion of the sale, the insider owned 98,918 shares of the company’s stock, valued at approximately $1,029,736.38. This trade represents a 9.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of SHLS. KBC Group NV purchased a new stake in Shoals Technologies Group during the 1st quarter worth approximately $30,000. PNC Financial Services Group Inc. raised its holdings in shares of Shoals Technologies Group by 378.0% in the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after buying an additional 5,983 shares during the last quarter. CIBC Asset Management Inc purchased a new position in shares of Shoals Technologies Group in the fourth quarter worth $85,000. Miller Howard Investments Inc. NY acquired a new stake in shares of Shoals Technologies Group during the first quarter worth $70,000. Finally, Fifth Third Bancorp acquired a new stake in shares of Shoals Technologies Group during the first quarter worth $71,000.

Shoals Technologies Group Price Performance

Shares of SHLS stock opened at $7.95 on Friday. The stock’s 50-day moving average is $9.55 and its 200 day moving average is $8.77. 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 current ratio of 2.25 and a quick ratio of 1.12. The company has a market cap of $1.34 billion, a P/E ratio of 41.84, a PEG ratio of 0.95 and a beta of 1.93.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, August 4th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The business had revenue of $163.37 million during 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 revenue was up 47.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.10 earnings per share. Research analysts predict that Shoals Technologies Group will post 0.34 earnings per share for the current fiscal year.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.