Shoals Technologies Group (NASDAQ:SHLS) Trading Up 8.4% – Should You Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price traded up 8.4% on Tuesday . The stock traded as high as $6.19 and last traded at $6.2350. 1,521,941 shares were traded during mid-day trading, a decline of 70% from the average session volume of 5,077,258 shares. The stock had previously closed at $5.75.

Wall Street Analyst Weigh In

SHLS has been the subject of several analyst reports. Royal Bank Of Canada lowered their target price on Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th. Citigroup reduced their price target on Shoals Technologies Group from $11.00 to $8.50 and set a “neutral” rating on the stock in a research report on Thursday, February 26th. Roth Mkm decreased their price target on Shoals Technologies Group from $15.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Zacks Research downgraded Shoals Technologies Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Finally, Barclays cut their price objective on Shoals Technologies Group from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.57.

Shoals Technologies Group Trading Up 0.6%

The business has a 50 day moving average of $8.79 and a two-hundred day moving average of $8.55. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 2.03. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 31.53, a P/E/G ratio of 0.76 and a beta of 1.77.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The firm had revenue of $148.33 million during the quarter, compared to analyst estimates of $144.52 million. Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. The company’s revenue was up 38.6% on a year-over-year basis. During the same period last year, the business posted $0.08 EPS. Equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Institutional Trading of Shoals Technologies Group

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Shoals Technologies Group by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock worth $115,550,000 after buying an additional 404,133 shares during the last quarter. Encompass Capital Advisors LLC bought a new position in shares of Shoals Technologies Group in the second quarter valued at $56,120,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Shoals Technologies Group by 151.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock valued at $108,410,000 after buying an additional 7,685,515 shares during the last quarter. Peconic Partners LLC grew its holdings in shares of Shoals Technologies Group by 79.8% during the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after buying an additional 3,095,186 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Shoals Technologies Group by 1,493.0% during the fourth quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock worth $53,819,000 after acquiring an additional 5,934,223 shares in the last quarter.

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.