Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 4.7%

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price traded up 4.7% during mid-day trading on Monday . The company traded as high as $6.51 and last traded at $6.42. Approximately 2,047,874 shares were traded during trading, a decline of 59% from the average daily volume of 5,027,813 shares. The stock had previously closed at $6.13.

Analysts Set New Price Targets

SHLS has been the subject of a number of recent analyst reports. Northland Securities cut their price target on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. Piper Sandler lifted their price target on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Barclays lowered their price target on Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Citigroup cut Shoals Technologies Group from a “buy” rating to a “sell” rating and cut their price objective for the company from $15.00 to $5.00 in a research report on Tuesday, July 2nd. Finally, Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $11.06.

Shoals Technologies Group Price Performance

The business’s 50 day moving average is $5.93 and its 200-day moving average is $7.61. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $1.09 billion, a P/E ratio of 35.83, a PEG ratio of 0.91 and a beta of 1.74.

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. The business had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business’s revenue for the quarter was down 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 EPS. As a group, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Shoals Technologies Group by 24.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 542,137 shares of the company’s stock worth $3,383,000 after purchasing an additional 105,797 shares in the last quarter. American Trust bought a new stake in Shoals Technologies Group during the second quarter worth $68,000. Algert Global LLC boosted its holdings in shares of Shoals Technologies Group by 656.4% in the 2nd quarter. Algert Global LLC now owns 90,431 shares of the company’s stock worth $564,000 after buying an additional 78,476 shares during the last quarter. Scientech Research LLC purchased a new position in Shoals Technologies Group in the second quarter valued at about $713,000. Finally, Mackenzie Financial Corp purchased a new position in Shoals Technologies Group in the second quarter valued at approximately $64,000.

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.