Shoals Technologies Group, Inc. (NASDAQ:SHLS) Stock Has Average Target Price of $10.80 According to Analysts

Key Points

• Analyst sentiment is moderately bullish: Eighteen analysts rate Shoals Technologies Group “Moderate Buy,” with 11 buys and seven holds. The average 12-month price target is $10.80, above the reported $7.56 opening price.
• Recent financial results exceeded expectations: Shoals reported quarterly EPS of $0.12 versus the $0.10 consensus estimate and revenue of $163.37 million, up 47.4% year over year.
• Shares remain below recent highs: SHLS has traded between $5.43 and $13.18 over the past year, with its 50-day and 200-day moving averages at $7.57 and $8.50, respectively.

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) has received an average recommendation of "Moderate Buy" from the eighteen analysts that are covering the company, MarketBeat reports. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $10.80.

Several research analysts have issued reports on the company. Mizuho cut their price target on Shoals Technologies Group from $11.00 to $10.00 and set a "neutral" rating on the stock in a report on Friday, October 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. Jefferies Financial Group decreased their price objective on shares of Shoals Technologies Group from $12.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday, October 14th. Weiss Ratings raised shares of Shoals Technologies Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, October 9th. Finally, Barclays upped their target price on shares of Shoals Technologies Group from $10.00 to $11.00 and gave the stock an "overweight" rating in a report on Thursday, October 8th.

Shoals Technologies Group Stock Up 1.2%

Shoals Technologies Group stock opened at $7.56 on Thursday. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 39.79, a PEG ratio of 0.91 and a beta of 1.85. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25. 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 $7.57 and a two-hundred day moving average price of $8.50.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.02. The firm had revenue of $163.37 million during the quarter, compared to the consensus estimate of $160.03 million. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%. The business's revenue was up 47.4% compared to the same quarter last year. During the same period last year, the business posted $0.10 EPS. Equities analysts predict that Shoals Technologies Group will post 0.35 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of large investors have recently modified their holdings of the company. First Trust Advisors LP raised its position in Shoals Technologies Group by 15.4% in the 1st quarter. First Trust Advisors LP now owns 7,304,064 shares of the company's stock worth $48,061,000 after purchasing an additional 972,382 shares during the period. Handelsbanken Fonder AB grew its holdings in Shoals Technologies Group by 31.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company's stock worth $37,293,000 after acquiring an additional 912,093 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of 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 valued at $28,083,000 after acquiring an additional 1,016,987 shares during the period. Redwood Grove Capital LLC raised its stake in shares of Shoals Technologies Group by 20.2% during the first quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company's stock valued at $19,986,000 after acquiring an additional 511,000 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Shoals Technologies Group by 26.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,728,998 shares of the company's stock valued at $17,957,000 after acquiring an additional 576,591 shares during the last quarter.

About Shoals Technologies Group

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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