Barclays Issues Positive Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Key Points

• Barclays raised its Shoals Technologies Group price target from $10 to $11 and maintained an “overweight” rating, implying 30.87% upside from the prior close.
• Analyst sentiment remains favorable overall: 11 analysts rate SHLS a Buy and six rate it a Hold, producing a “Moderate Buy” consensus rating and an average target price of $10.79.
• Shoals reported quarterly EPS of $0.12, exceeding the $0.10 consensus estimate, while revenue rose 47.4% year over year to $163.37 million; the stock closed at $8.40.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its price target lifted by equities research analysts at Barclays from $10.00 to $11.00 in a report issued on Thursday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Barclays's price objective suggests a potential upside of 30.87% from the stock's previous close.

Several other research analysts have also commented on SHLS. Wall Street Zen lowered Shoals Technologies Group from a "buy" rating to a "hold" rating in a research report on Sunday, August 16th. Oppenheimer reaffirmed an "outperform" rating and issued a $13.00 target price on shares of Shoals Technologies Group in a report on Tuesday, August 4th. Roth Capital reiterated a "buy" rating on shares of Shoals Technologies Group in a research note on Thursday, July 2nd. Royal Bank Of Canada increased their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Finally, The Goldman Sachs Group raised their price objective on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $10.79.

Shoals Technologies Group Stock Up 0.2%

Shares of SHLS traded up $0.01 during trading hours on Thursday, reaching $8.40. 785,162 shares of the stock traded hands, compared to its average volume of 5,190,636. Shoals Technologies Group has a 52 week low of $5.43 and a 52 week high of $13.18. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 44.29, a PEG ratio of 1.05 and a beta of 1.85. The stock has a fifty day simple moving average of $7.77 and a 200 day simple moving average of $8.61. The company has a current ratio of 2.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.32.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.02. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The business had revenue of $163.37 million for the quarter, compared to analysts' expectations of $160.03 million. During the same quarter in the previous year, the firm posted $0.10 EPS. The business's revenue for the quarter was up 47.4% compared to the same quarter last year. On average, equities analysts forecast that Shoals Technologies Group will post 0.34 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Tidal Investments LLC boosted its holdings in Shoals Technologies Group by 91.3% in the second quarter. Tidal Investments LLC now owns 371,409 shares of the company's stock worth $3,677,000 after acquiring an additional 177,223 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Shoals Technologies Group during the second quarter valued at about $794,000. Engineers Gate Manager LP acquired a new position in shares of Shoals Technologies Group during the second quarter valued at about $300,000. Integrated Wealth Concepts LLC purchased a new position in shares of Shoals Technologies Group in the 2nd quarter valued at approximately $53,000. Finally, Squarepoint Ops LLC boosted its stake in Shoals Technologies Group by 410.9% in the 2nd quarter. Squarepoint Ops LLC now owns 367,387 shares of the company's stock worth $3,637,000 after purchasing an additional 295,484 shares in the last quarter.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc NASDAQ: SHLS develops electrical balance-of-system (EBOS) products and systems for solar energy installations. Its solutions are designed to connect, protect, monitor and manage the flow of electricity between solar panels and the electrical grid, helping reduce installation complexity and support the performance and safety of photovoltaic projects.

The company's product portfolio includes electrical wire harnesses, inline fuses, combiner boxes, disconnects, junction boxes, monitoring systems and other power-management equipment.

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