Shoals Technologies Group (NASDAQ:SHLS) Trading Up 5.3%

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price rose 5.3% on Friday . The stock traded as high as $6.76 and last traded at $6.75. Approximately 333,245 shares changed hands during trading, a decline of 93% from the average daily volume of 4,759,747 shares. The stock had previously closed at $6.41.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SHLS shares. Royal Bank of Canada decreased their price target on Shoals Technologies Group from $15.00 to $13.00 and set an “outperform” rating for the company in a research note on Monday. Citigroup cut shares of Shoals Technologies Group from a “buy” rating to a “sell” rating and lowered their target price for the company from $15.00 to $5.00 in a research note on Tuesday, July 2nd. Piper Sandler reduced their price target on shares of Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. TD Cowen decreased their target price on Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Finally, Northland Securities reaffirmed an “underperform” rating and issued a $6.00 price objective (down previously from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday, May 8th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $15.82.

Shoals Technologies Group Trading Up 4.8 %

The business’s 50-day simple moving average is $7.01 and its 200-day simple moving average is $10.74. The company has a market cap of $1.15 billion, a PE ratio of 37.45 and a beta of 1.76. The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $90.81 million for the quarter, compared to the consensus estimate of $94.44 million. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. As a group, analysts expect that Shoals Technologies Group, Inc. will post 0.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC increased its holdings in Shoals Technologies Group by 1,240.8% in the second quarter. CWM LLC now owns 15,768 shares of the company’s stock worth $98,000 after buying an additional 14,592 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Shoals Technologies Group by 159.3% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 28,003 shares of the company’s stock worth $313,000 after purchasing an additional 17,203 shares during the last quarter. Redwood Grove Capital LLC bought a new position in shares of Shoals Technologies Group during the 1st quarter valued at $7,741,000. Swedbank AB acquired a new stake in shares of Shoals Technologies Group in the 1st quarter valued at $25,268,000. Finally, Virtu Financial LLC boosted its holdings in Shoals Technologies Group by 726.5% in the first quarter. Virtu Financial LLC now owns 103,683 shares of the company’s stock worth $1,159,000 after purchasing an additional 91,138 shares in the last quarter.

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.