Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 10% – Here’s Why

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) shot up 10% on Thursday . The stock traded as high as $7.51 and last traded at $7.5050. Approximately 2,228,160 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 5,278,555 shares. The stock had previously closed at $6.82.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SHLS shares. Weiss Ratings raised shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, September 8th. Royal Bank Of Canada boosted their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. Guggenheim reissued a “buy” rating on shares of Shoals Technologies Group in a research note on Friday, May 22nd. The Goldman Sachs Group raised their target price on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $13.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, August 4th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Shoals Technologies Group presently has a consensus rating of “Moderate Buy” and an average price target of $10.71.

Shoals Technologies Group Trading Down 0.7%

The business has a 50 day simple moving average of $8.27 and a 200-day simple moving average of $8.42. The company has a current ratio of 2.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 40.00, a price-to-earnings-growth ratio of 0.95 and a beta of 1.89.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. The company had revenue of $163.37 million during the quarter, compared to the consensus estimate of $160.03 million. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The company’s quarterly revenue was up 47.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.10 EPS. On average, equities analysts predict that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of large investors have recently bought and sold shares of SHLS. Tidal Investments LLC increased its holdings in shares of Shoals Technologies Group by 91.3% during the 2nd quarter. Tidal Investments LLC now owns 371,409 shares of the company’s stock worth $3,677,000 after buying an additional 177,223 shares during the last quarter. WINTON GROUP Ltd acquired a new position in Shoals Technologies Group in the second quarter valued at $794,000. Engineers Gate Manager LP acquired a new position in Shoals Technologies Group in the second quarter valued at $300,000. Integrated Wealth Concepts LLC purchased a new stake in Shoals Technologies Group during the second quarter valued at about $53,000. Finally, Squarepoint Ops LLC grew its position in Shoals Technologies Group by 410.9% during the second quarter. Squarepoint Ops LLC now owns 367,387 shares of the company’s stock valued at $3,637,000 after acquiring an additional 295,484 shares during the period.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc (NASDAQ: SHLS) develops and supplies electrical balance-of-system (EBOS) products for solar energy installations. Its solutions connect, protect, combine and monitor the electrical output of photovoltaic panels, helping solar developers and installers improve system reliability and simplify project construction.

The company’s product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, cable-management systems and other wiring and connectivity solutions.