Shoals Technologies Group (NASDAQ:SHLS) Price Target Raised to $11.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target boosted by Barclays from $10.00 to $11.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

SHLS has been the subject of a number of other research reports. Wall Street Zen cut shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. The Goldman Sachs Group raised their price target on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Weiss Ratings cut shares of Shoals Technologies Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, September 24th. Citigroup reissued a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, July 22nd. Finally, Jefferies Financial Group increased their target price on shares of Shoals Technologies Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Moderate Buy” and an average price target of $10.79.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $8.74 on Thursday. The stock has a market cap of $1.47 billion, a P/E ratio of 46.00, a PEG ratio of 1.08 and a beta of 1.85. The stock has a 50 day simple moving average of $7.76 and a 200 day simple moving average of $8.63. The company has a current ratio of 2.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.32. Shoals Technologies Group has a 1-year low of $5.43 and a 1-year high of $13.18.

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

Institutional Inflows and Outflows

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