Shoals Technologies Group (NASDAQ:SHLS) Coverage Initiated at Wells Fargo & Company

Equities research analysts at Wells Fargo & Company started coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research report issued to clients and investors on Monday, Marketbeat.com reports. The firm set an “equal weight” rating and a $46.00 price target on the stock.

A number of other analysts have also recently weighed in on the company. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Jefferies Financial Group began coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price objective for the company. Roth Capital cut Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. BNP Paribas cut Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. cut their price objective on Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and an average price target of $12.92.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $5.12 on Monday. Shoals Technologies Group has a fifty-two week low of $4.85 and a fifty-two week high of $17.50. The business has a 50-day moving average of $5.58 and a two-hundred day moving average of $6.82. The stock has a market capitalization of $872.55 million, a P/E ratio of 28.44, a P/E/G ratio of 0.74 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share 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 company had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. During the same quarter in the previous year, the firm earned $0.12 earnings per share. The business’s quarterly revenue was down 16.7% compared to the same quarter last year. On average, equities research analysts predict that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. ANTIPODES PARTNERS Ltd grew its holdings in shares of Shoals Technologies Group by 122.4% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock worth $54,000 after purchasing an additional 2,638 shares during the last quarter. Headlands Technologies LLC acquired a new position in Shoals Technologies Group in the first quarter worth $92,000. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group during the second quarter worth $54,000. Mackenzie Financial Corp acquired a new stake in shares of Shoals Technologies Group in the second quarter valued at $64,000. Finally, Paloma Partners Management Co bought a new position in shares of Shoals Technologies Group in the first quarter valued at about $115,000.

About Shoals Technologies Group

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.