Shoals Technologies Group (NASDAQ:SHLS) Trading Up 7.2%

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price traded up 7.2% during trading on Tuesday . The stock traded as high as $9.05 and last traded at $9.04. 441,930 shares were traded during trading, a decline of 89% from the average session volume of 3,844,851 shares. The stock had previously closed at $8.43.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Janney Montgomery Scott started coverage on Shoals Technologies Group in a report on Friday, January 19th. They set a “buy” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. Royal Bank of Canada dropped their price objective on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. UBS Group cut their target price on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Finally, Barclays cut their price objective on Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.94.

Shoals Technologies Group Stock Up 2.1 %

The firm’s 50-day moving average price is $12.20 and its two-hundred day moving average price is $13.86. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. The firm has a market cap of $1.47 billion, a PE ratio of 36.08 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS) last released 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%. As a group, equities research analysts expect that Shoals Technologies Group, Inc. will post 0.51 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in shares of Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after acquiring an additional 2,864,879 shares during the period. Norges Bank acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at about $31,416,000. Handelsbanken Fonder AB increased its stake in Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after buying an additional 1,894,560 shares during the period. JPMorgan Chase & Co. boosted its holdings in Shoals Technologies Group by 28.2% in the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock valued at $116,217,000 after purchasing an additional 1,402,419 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in shares of Shoals Technologies Group by 25.1% during the 3rd quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock valued at $108,310,000 after buying an additional 1,190,411 shares during the last quarter.

About Shoals Technologies Group

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.