Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Average Rating of "Buy" from Analysts

Thursday, July 22, 2021 | MarketBeat

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been given an average recommendation of "Buy" by the thirteen research firms that are presently covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $40.42.

A number of equities research analysts recently commented on SHLS shares. Cowen reduced their price objective on shares of Shoals Technologies Group from $40.00 to $31.00 and set a "market perform" rating for the company in a research report on Tuesday, May 4th. Barclays reiterated an "equal weight" rating and set a $35.00 price target (down from $49.00) on shares of Shoals Technologies Group in a research report on Wednesday, April 28th. Morgan Stanley reduced their price target on shares of Shoals Technologies Group from $32.00 to $31.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 26th. Piper Sandler began coverage on shares of Shoals Technologies Group in a research report on Tuesday, June 29th. They set an "overweight" rating and a $43.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price target on shares of Shoals Technologies Group from $42.00 to $46.00 and gave the company an "overweight" rating in a research report on Wednesday.

In other Shoals Technologies Group news, General Counsel Mehgan Peetz sold 11,941 shares of Shoals Technologies Group stock in a transaction that occurred on Monday, July 19th. The shares were sold at an average price of $27.02, for a total value of $322,645.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Hedge funds have recently added to or reduced their stakes in the business. Merewether Investment Management LP purchased a new stake in Shoals Technologies Group in the 1st quarter worth approximately $19,856,000. BlackRock Inc. purchased a new stake in Shoals Technologies Group in the 1st quarter worth approximately $410,317,000. Treasurer of the State of North Carolina purchased a new stake in Shoals Technologies Group in the 1st quarter worth approximately $1,133,000. Allianz Asset Management GmbH purchased a new stake in Shoals Technologies Group in the 1st quarter worth approximately $3,505,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Shoals Technologies Group in the 1st quarter worth approximately $2,618,000. 52.65% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:SHLS opened at $27.50 on Thursday. The firm has a market capitalization of $4.58 billion and a P/E ratio of 91.67. Shoals Technologies Group has a 52 week low of $20.94 and a 52 week high of $44.04. The firm has a 50-day moving average price of $29.30.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Sunday, May 2nd. The company reported $0.05 EPS for the quarter, beating the Zacks' consensus estimate of $0.04 by $0.01. Analysts anticipate that Shoals Technologies Group will post 0.28 EPS for the current year.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It offers EBOS components, such as cable assemblies, inline fuses, combiners, recombiners, disconnects, wireless monitoring systems, junction boxes, transition enclosures, and splice boxes that carry the electric current produced by solar panels to an inverter and to the power grid.

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Analyst Recommendations for Shoals Technologies Group (NASDAQ:SHLS)

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