Shoals Technologies Group (NASDAQ:SHLS) Trading 7.2% Higher Following Analyst Upgrade

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) rose 7.2% during trading on Wednesday after TD Cowen raised their price target on the stock from $9.50 to $11.00. TD Cowen currently has a buy rating on the stock. Shoals Technologies Group traded as high as $5.20 and last traded at $5.20. Approximately 1,299,229 shares traded hands during trading, a decline of 74% from the average daily volume of 4,945,683 shares. The stock had previously closed at $4.85.

SHLS has been the topic of several other reports. Royal Bank of Canada reiterated an “outperform” rating and set a $11.00 target price on shares of Shoals Technologies Group in a research report on Friday, September 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Piper Sandler boosted their price objective on Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. decreased their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Finally, Wells Fargo & Company began coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target for the company. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and an average target price of $12.45.

Institutional Trading of Shoals Technologies Group

A number of large investors have recently added to or reduced their stakes in SHLS. Erste Asset Management GmbH purchased a new stake in Shoals Technologies Group during the third quarter valued at $20,191,000. Point72 Europe London LLP bought a new stake in shares of Shoals Technologies Group in the 3rd quarter worth about $1,461,000. Verition Fund Management LLC raised its position in shares of Shoals Technologies Group by 938.3% during the 3rd quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock valued at $12,629,000 after buying an additional 2,034,291 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Shoals Technologies Group by 1.6% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 551,055 shares of the company’s stock valued at $3,091,000 after acquiring an additional 8,918 shares during the last quarter. Finally, FMR LLC grew its position in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares in the last quarter.

Shoals Technologies Group Stock Up 5.5 %

The company has a market capitalization of $869.91 million, a P/E ratio of 24.75, a PEG ratio of 0.71 and a beta of 1.73. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The company has a 50 day simple moving average of $5.57 and a two-hundred day simple moving average of $6.24.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.81%. The firm had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. During the same period in the prior year, the company posted $0.16 EPS. The company’s revenue was down 23.8% compared to the same quarter last year. As a group, equities analysts predict that Shoals Technologies Group, Inc. will post 0.28 EPS for the current 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.