Shoals Technologies Group (NASDAQ:SHLS) Now Covered by Analysts at Wells Fargo & Company

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

A number of other equities analysts have also weighed in on SHLS. Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and upped their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Barclays reiterated an “equal weight” rating and issued a $7.00 price target on shares of Shoals Technologies Group in a research note on Thursday. Royal Bank of Canada restated an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research report on Friday, September 6th. Roth Capital cut Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Finally, Roth Mkm lowered their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Three 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.com, the company currently has a consensus rating of “Hold” and an average target price of $12.92.

Shoals Technologies Group Trading Up 3.1 %

NASDAQ:SHLS opened at $5.31 on Monday. Shoals Technologies Group has a one year low of $4.85 and a one year high of $17.79. The business has a fifty day moving average price of $5.59 and a 200-day moving average price of $6.90. The firm has a market capitalization of $884.91 million, a price-to-earnings ratio of 37.93, a price-to-earnings-growth 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 issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 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 business posted $0.12 earnings per share. The business’s quarterly revenue was down 16.7% on a year-over-year basis. Sell-side analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds have recently added to or reduced their stakes in SHLS. Teachers Retirement System of The State of Kentucky lifted its holdings in Shoals Technologies Group by 9.0% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 82,671 shares of the company’s stock valued at $1,285,000 after buying an additional 6,818 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Shoals Technologies Group by 16.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,215,815 shares of the company’s stock valued at $34,434,000 after acquiring an additional 309,261 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Shoals Technologies Group by 28.5% in the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after purchasing an additional 2,864,879 shares during the period. Vanguard Group Inc. grew its stake in Shoals Technologies Group by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock worth $254,241,000 after purchasing an additional 225,464 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Shoals Technologies Group by 14.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock worth $181,000 after buying an additional 1,429 shares during the period.

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.