Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives $21.18 Consensus Target Price from Analysts

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has received an average rating of “Moderate Buy” from the seventeen ratings firms that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $21.18.

Several equities analysts have recently issued reports on SHLS shares. Janney Montgomery Scott started coverage on Shoals Technologies Group in a report on Friday, January 19th. They issued a “buy” rating and a $20.00 price objective for the company. TD Cowen reduced their price target on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. UBS Group reduced their price target on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a report on Friday, March 1st. Piper Sandler reduced their price target on Shoals Technologies Group from $20.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. Finally, Oppenheimer reduced their price target on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, February 29th.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $11.18 on Friday. The stock has a market cap of $1.90 billion, a PE ratio of 44.72 and a beta of 1.82. The business has a 50-day simple moving average of $13.73 and a 200-day simple moving average of $15.03. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. Shoals Technologies Group has a 52-week low of $11.00 and a 52-week high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). The company had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. On average, equities analysts expect that Shoals Technologies Group will post 0.5 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of large investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew its position in shares of Shoals Technologies Group by 14.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock valued at $181,000 after purchasing an additional 1,429 shares in the last quarter. SCP Investment LP purchased a new stake in shares of Shoals Technologies Group in the fourth quarter valued at approximately $763,000. Vanguard Group Inc. grew its position in shares of Shoals Technologies Group by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock valued at $254,241,000 after purchasing an additional 225,464 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 28.5% in the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after purchasing an additional 2,864,879 shares in the last quarter. Finally, Electron Capital Partners LLC grew its position in shares of Shoals Technologies Group by 102.9% in the fourth quarter. Electron Capital Partners LLC now owns 2,148,680 shares of the company’s stock valued at $33,390,000 after purchasing an additional 1,089,848 shares in the last quarter.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.