Royal Bank Of Canada Forecasts Strong Price Appreciation for Shoals Technologies Group (NASDAQ:SHLS) Stock

Key Points

• Royal Bank of Canada raised its price target on Shoals Technologies Group from $10 to $11 and maintained an “outperform” rating, implying 9.13% upside from the current share price.
• Analyst sentiment is moderately positive: 12 analysts rate the stock Buy and seven rate it Hold, with a consensus price target of $10.94.
• Shoals beat quarterly expectations, reporting EPS of $0.14 versus $0.12 forecast and revenue of $195.31 million versus $161.78 million; revenue grew 43.8% year over year.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its target price hoisted by analysts at Royal Bank Of Canada from $10.00 to $11.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price indicates a potential upside of 9.13% from the company's current price.

Other equities research analysts have also issued research reports about the company. Mizuho reduced their price target on Shoals Technologies Group from $11.00 to $10.00 and set a "neutral" rating on the stock in a research report on Friday, October 16th. Barclays raised their price objective on Shoals Technologies Group from $10.00 to $11.00 and gave the stock an "overweight" rating in a research report on Thursday, October 8th. Oppenheimer restated an "outperform" rating and set a $13.00 price objective on shares of Shoals Technologies Group in a research report on Tuesday, August 4th. Wall Street Zen lowered Shoals Technologies Group from a "buy" rating to a "hold" rating in a research note on Sunday, August 16th. Finally, JPMorgan Chase & Co. reduced their target price on Shoals Technologies Group from $13.00 to $12.00 and set an "overweight" rating on the stock in a report on Monday, October 19th. Twelve analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Shoals Technologies Group currently has an average rating of "Moderate Buy" and a consensus price target of $10.94.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $10.08 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.39 and a current ratio of 2.45. Shoals Technologies Group has a 52-week low of $5.43 and a 52-week high of $13.18. The firm has a 50 day moving average price of $7.74 and a two-hundred day moving average price of $8.47. The stock has a market cap of $1.70 billion, a P/E ratio of 43.83, a price-to-earnings-growth ratio of 1.19 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. The firm had revenue of $195.31 million during the quarter, compared to the consensus estimate of $161.78 million. Shoals Technologies Group had a net margin of 5.84% and a return on equity of 10.23%. The company's revenue for the quarter was up 43.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.12 earnings per share. As a group, equities analysts forecast that Shoals Technologies Group will post 0.35 EPS for the current year.

Institutional Trading of Shoals Technologies Group

A number of institutional investors have recently bought and sold shares of the company. Heartland Advisors Inc. acquired a new position in shares of Shoals Technologies Group during the 1st quarter valued at $6,950,000. Dimensional Fund Advisors LP grew its holdings in Shoals Technologies Group by 31.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,268,794 shares of the company's stock worth $28,083,000 after purchasing an additional 1,016,987 shares during the period. First Trust Advisors LP increased its stake in Shoals Technologies Group by 15.4% in the first quarter. First Trust Advisors LP now owns 7,304,064 shares of the company's stock valued at $48,061,000 after purchasing an additional 972,382 shares in the last quarter. Handelsbanken Fonder AB increased its stake in Shoals Technologies Group by 31.9% in the second quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company's stock valued at $37,293,000 after purchasing an additional 912,093 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Shoals Technologies Group by 669.5% in the third quarter. Russell Investments Group Ltd. now owns 759,178 shares of the company's stock valued at $6,149,000 after purchasing an additional 660,517 shares in the last quarter.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc develops electrical balance-of-system (EBOS) solutions for solar energy projects. Its products connect, protect, combine and monitor the direct-current electrical output of solar panels before electricity is converted and delivered to the broader power system.

The company's product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, communication and monitoring equipment, and other electrical components used in photovoltaic installations.

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