Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Average Recommendation of “Hold” from Analysts

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have received a consensus recommendation of “Hold” from the twenty analysts that are presently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $11.17.

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. cut their target price on Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Jefferies Financial Group initiated coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $11.00 price target on shares of Shoals Technologies Group in a research report on Friday, September 6th. Citigroup downgraded Shoals Technologies Group from a “buy” rating to a “sell” rating and decreased their target price for the stock from $15.00 to $5.00 in a research report on Tuesday, July 2nd. Finally, Oppenheimer decreased their target price on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $6.35 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. Shoals Technologies Group has a 52 week low of $4.88 and a 52 week high of $22.05. The stock has a market capitalization of $1.06 billion, a P/E ratio of 35.28, a price-to-earnings-growth ratio of 0.93 and a beta of 1.74. The stock has a fifty day moving average of $5.94 and a 200-day moving average of $7.95.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The business’s revenue for the quarter was down 16.7% compared to the same quarter last year. On average, sell-side analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SHLS. ANTIPODES PARTNERS Ltd boosted its position in Shoals Technologies Group by 122.4% during the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after purchasing an additional 2,638 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of Shoals Technologies Group in the second quarter worth about $54,000. Mackenzie Financial Corp purchased a new position in shares of Shoals Technologies Group in the second quarter worth about $64,000. American Trust purchased a new position in shares of Shoals Technologies Group in the second quarter worth about $68,000. Finally, Versor Investments LP purchased a new position in Shoals Technologies Group during the second quarter valued at approximately $80,000.

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.