Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives $11.17 Consensus Price Target from Brokerages

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been given a consensus recommendation of “Hold” by the twenty analysts that are presently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $11.06.

SHLS has been the subject of several recent research reports. Barclays reduced their target price on shares of Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada reissued an “outperform” rating and set a $11.00 target price on shares of Shoals Technologies Group in a report on Friday, September 6th. Citigroup downgraded Shoals Technologies Group from a “buy” rating to a “sell” rating and dropped their target price for the stock from $15.00 to $5.00 in a research report on Tuesday, July 2nd. Jefferies Financial Group started coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price target for the company. Finally, Northland Securities dropped their price objective on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $6.13 on Friday. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27. The stock has a fifty day simple moving average of $5.93 and a two-hundred day simple moving average of $7.68. Shoals Technologies Group has a 1-year low of $4.88 and a 1-year high of $20.63. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 34.06, a price-to-earnings-growth ratio of 0.91 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $90.57 million. During the same quarter in the prior year, the company earned $0.12 EPS. The firm’s quarterly revenue was down 16.7% compared to the same quarter last year. Analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

Hedge funds have recently bought and sold shares of the company. William Blair Investment Management LLC raised its stake in shares of Shoals Technologies Group by 71.6% during the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after acquiring an additional 4,263,964 shares in the last quarter. Joho Capital LLC raised its position in Shoals Technologies Group by 111.6% in the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after purchasing an additional 3,387,539 shares during the period. Wellington Management Group LLP lifted its stake in 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 worth $200,626,000 after purchasing an additional 2,864,879 shares during the last quarter. Millennium Management LLC lifted its stake in Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after purchasing an additional 2,442,227 shares during the last quarter. Finally, Swedbank AB purchased a new stake in Shoals Technologies Group during the first quarter valued at about $25,268,000.

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.