Shoals Technologies Group (NASDAQ:SHLS) Stock Price Breaks Above Fifty Day Moving Average – Here’s What Happened

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $7.57 and traded as high as $7.99. Shoals Technologies Group shares last traded at $7.60, with a volume of 4,332,762 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SHLS. Barclays raised their price target on Shoals Technologies Group from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Thursday, October 8th. JPMorgan Chase & Co. dropped their price objective on Shoals Technologies Group from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. Mizuho cut their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, October 16th. Oppenheimer reiterated an “outperform” rating and issued a $13.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, August 4th. Finally, Royal Bank Of Canada boosted their target price on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Eleven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group currently has an average rating of “Moderate Buy” and a consensus price target of $10.80.

Shoals Technologies Group Price Performance

The company’s 50-day simple moving average is $7.57 and its 200 day simple moving average is $8.47. The company has a quick ratio of 1.12, a current ratio of 2.25 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 P/E/G ratio of 0.90 and a beta of 1.85.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The company had revenue of $163.37 million during the quarter, compared to analysts’ expectations of $160.03 million. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%. The business’s quarterly revenue was up 47.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.10 earnings per share. Equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.35 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SHLS. First Trust Advisors LP lifted its holdings in Shoals Technologies Group by 15.4% in the 1st quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock worth $48,061,000 after purchasing an additional 972,382 shares during the last quarter. Handelsbanken Fonder AB boosted its position in Shoals Technologies Group by 31.9% during the second quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company’s stock worth $37,293,000 after purchasing an additional 912,093 shares during the period. Dimensional Fund Advisors LP grew its holdings in Shoals Technologies Group by 31.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,268,794 shares of the company’s stock valued at $28,083,000 after purchasing an additional 1,016,987 shares during the last quarter. Redwood Grove Capital LLC grew its holdings in Shoals Technologies Group by 20.2% during the first quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company’s stock valued at $19,986,000 after purchasing an additional 511,000 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Shoals Technologies Group by 26.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,728,998 shares of the company’s stock valued at $17,957,000 after purchasing an additional 576,591 shares during the last quarter.

About Shoals Technologies Group

Shoals Technologies Group, Inc develops electrical balance-of-system (EBOS) solutions for solar energy projects. Its products connect, protect, combine and monitor the direct-current electrical output of solar panels before electricity is converted and delivered to the broader power system.

The company’s product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, communication and monitoring equipment, and other electrical components used in photovoltaic installations.