Shoals Technologies Group (NASDAQ:SHLS) Shares Climb 7.7% – What’s Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price was up 7.7% during mid-day trading on Monday. The company traded as high as $7.66 and last traded at $7.7550. 335,627 shares traded hands during trading, a decline of 93% from the average daily volume of 5,129,168 shares. The stock had previously closed at $7.20.

Analyst Ratings Changes

SHLS has been the topic of a number of recent research reports. Jefferies Financial Group lowered their target price on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, October 14th. Wall Street Zen lowered Shoals Technologies Group from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. JPMorgan Chase & Co. lowered their price objective 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. Oppenheimer reissued an “outperform” rating and set a $13.00 target price on shares of Shoals Technologies Group in a report on Tuesday, August 4th. Finally, Weiss Ratings upgraded shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 9th. Eleven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.80.

Shoals Technologies Group Trading Up 7.4%

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 stock has a market capitalization of $1.30 billion, a P/E ratio of 40.66, a price-to-earnings-growth ratio of 0.86 and a beta of 1.86. The firm’s fifty day simple moving average is $7.56 and its 200 day simple moving average is $8.48.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.02. The company 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% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 EPS. As a group, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP grew its position in shares of Shoals Technologies Group by 15.4% during the 1st quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock valued at $48,061,000 after acquiring an additional 972,382 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Shoals Technologies Group by 31.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,268,794 shares of the company’s stock worth $28,083,000 after purchasing an additional 1,016,987 shares during the last quarter. Handelsbanken Fonder AB lifted its position in shares of Shoals Technologies Group by 31.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company’s stock valued at $37,293,000 after buying an additional 912,093 shares in the last quarter. Redwood Grove Capital LLC boosted its holdings in shares of Shoals Technologies Group by 20.2% during the 1st quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company’s stock valued at $19,986,000 after purchasing an additional 511,000 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Shoals Technologies Group by 26.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,728,998 shares of the company’s stock worth $17,957,000 after purchasing an additional 576,591 shares during the period.

About Shoals Technologies Group

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.