Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been given a consensus recommendation of “Hold” by the nineteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and twelve have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $15.06.

A number of analysts recently commented on the stock. Royal Bank of Canada dropped their target price on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “outperform” rating on the stock in a report on Monday, July 8th. Barclays reduced their price objective on Shoals Technologies Group from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Thursday, July 18th. Piper Sandler cut their target price on Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 8th. TD Cowen decreased their price target on Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Finally, Roth Capital downgraded Shoals Technologies Group from a “buy” rating to a “neutral” rating in a report on Tuesday, May 7th.

Institutional Trading of Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after purchasing an additional 171,273 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Shoals Technologies Group by 28.5% during the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after purchasing an additional 2,864,879 shares during the last quarter. William Blair Investment Management LLC raised its holdings in shares of Shoals Technologies Group by 71.6% during the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after purchasing an additional 4,263,964 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in Shoals Technologies Group by 2.7% in the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after purchasing an additional 233,377 shares in the last quarter. Finally, Joho Capital LLC increased its position in Shoals Technologies Group by 111.6% during the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after buying an additional 3,387,539 shares during the last quarter.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $6.23 on Friday. Shoals Technologies Group has a 1 year low of $5.69 and a 1 year high of $25.70. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.87 and a current ratio of 2.62. The stock has a fifty day moving average price of $6.77 and a two-hundred day moving average price of $9.90. The firm has a market cap of $1.06 billion, a P/E ratio of 34.61 and a beta of 1.76.

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

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.