Shoals Technologies Group (NASDAQ:SHLS) Given New $10.00 Price Target at Wells Fargo & Company

Shoals Technologies Group (NASDAQ:SHLS) had its price objective upped by investment analysts at Wells Fargo & Company from $9.00 to $10.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 6.34% from the stock’s current price.

Other analysts also recently issued reports about the stock. BNP Paribas Exane raised shares of Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 price objective for the company in a report on Wednesday, February 25th. Jefferies Financial Group reduced their target price on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. UBS Group lifted their price target on Shoals Technologies Group from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings upgraded Shoals Technologies Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Finally, Guggenheim reiterated a “buy” rating on shares of Shoals Technologies Group in a research report on Friday, May 22nd. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $9.71.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $9.40 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.07 and a current ratio of 1.84. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 46.97, a P/E/G ratio of 1.17 and a beta of 1.90. Shoals Technologies Group has a 52 week low of $3.99 and a 52 week high of $13.18. The firm’s 50-day simple moving average is $8.80 and its two-hundred day simple moving average is $8.50.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The business had revenue of $140.56 million for the quarter, compared to analysts’ expectations of $129.16 million. The business’s revenue was up 74.4% compared to the same quarter last year. As a group, equities analysts forecast that Shoals Technologies Group will post 0.34 earnings per share for the current year.

Insider Activity

In other news, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the completion of the transaction, the chief financial officer owned 394,979 shares in the company, valued at $3,349,421.92. This trade represents a 12.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in 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 period. First Trust Advisors LP grew its position in shares of Shoals Technologies Group by 1,493.0% in the 4th quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock worth $53,819,000 after buying an additional 5,934,223 shares during the period. Castle Hook Partners LP bought a new position in shares of Shoals Technologies Group in the 4th quarter worth about $40,095,000. Amundi increased its stake in shares of Shoals Technologies Group by 175.2% in the 4th quarter. Amundi now owns 5,776,766 shares of the company’s stock worth $49,075,000 after acquiring an additional 3,677,713 shares in the last quarter. Finally, Peconic Partners LLC lifted its position in Shoals Technologies Group by 79.8% during the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after acquiring an additional 3,095,186 shares during the period.

About Shoals Technologies Group

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.