Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives $21.06 Average PT from Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been assigned a consensus recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $20.94.

A number of brokerages have weighed in on SHLS. The Goldman Sachs Group decreased their target price on Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Truist Financial reiterated a “buy” rating and issued a $20.00 price objective (down previously from $23.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Barclays decreased their target price on Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 5th. Oppenheimer decreased their target price on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating for the company in a research report on Thursday, February 29th. Finally, Piper Sandler reduced their price objective on Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating for the company in a research report on Thursday, April 11th.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of SHLS. Assetmark Inc. raised its holdings in Shoals Technologies Group by 92.7% during the third quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after acquiring an additional 765 shares during the period. ANTIPODES PARTNERS Ltd bought a new position in shares of Shoals Technologies Group during the fourth quarter valued at approximately $33,000. Exchange Traded Concepts LLC bought a new position in shares of Shoals Technologies Group during the third quarter valued at approximately $48,000. Headlands Technologies LLC grew its stake in Shoals Technologies Group by 101.4% in the third quarter. Headlands Technologies LLC now owns 4,459 shares of the company’s stock worth $81,000 after purchasing an additional 2,245 shares in the last quarter. Finally, Trium Capital LLP bought a new position in Shoals Technologies Group in the third quarter worth approximately $93,000.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $8.46 on Wednesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. Shoals Technologies Group has a 52-week low of $8.06 and a 52-week high of $28.34. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 33.84 and a beta of 1.79. The business’s fifty day moving average is $12.06 and its 200 day moving average is $13.81.

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 analysts’ consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The company had revenue of $130.44 million for the quarter, compared to the consensus estimate of $131.89 million. Research analysts predict that Shoals Technologies Group will post 0.51 EPS for the current year.

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.