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

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the eighteen ratings firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and thirteen have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $17.29.

A number of brokerages recently issued reports on SHLS. Piper Sandler decreased their target price on Shoals Technologies Group from $14.00 to $11.00 and set an "overweight" rating for the company in a research report on Wednesday. Barclays cut their target price on shares of Shoals Technologies Group from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Thursday. The Goldman Sachs Group decreased their price target on shares of Shoals Technologies Group from $26.00 to $23.00 and set a "buy" rating for the company in a research note on Friday, March 1st. Janney Montgomery Scott began coverage on shares of Shoals Technologies Group in a report on Friday, January 19th. They issued a "buy" rating and a $20.00 target price for the company. Finally, Royal Bank of Canada lowered their price target on Shoals Technologies Group from $20.00 to $17.00 and set an "outperform" rating on the stock in a report on Thursday, February 29th.

Shoals Technologies Group Stock Down 9.6 %

SHLS traded down $0.73 on Friday, reaching $6.94. The company's stock had a trading volume of 11,239,450 shares, compared to its average volume of 4,556,078. The company has a quick ratio of 1.88, a current ratio of 2.62 and a debt-to-equity ratio of 0.30. Shoals Technologies Group has a fifty-two week low of $6.91 and a fifty-two week high of $28.34. The stock has a 50 day moving average of $10.27 and a two-hundred day moving average of $13.12. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 38.56 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its earnings results on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. The company had revenue of $130.44 million during the quarter, compared to analysts' expectations of $131.89 million. As a group, analysts forecast that Shoals Technologies Group will post 0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors have recently made changes to their positions in SHLS. Vanguard Group Inc. lifted its stake in shares of Shoals Technologies Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company's stock valued at $184,825,000 after purchasing an additional 171,273 shares during the period. Blair William & Co. IL lifted its position in shares of Shoals Technologies Group by 81.9% during the 1st quarter. Blair William & Co. IL now owns 37,909 shares of the company's stock valued at $424,000 after acquiring an additional 17,064 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Shoals Technologies Group by 30.1% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company's stock worth $57,050,000 after acquiring an additional 1,179,834 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its holdings in shares of Shoals Technologies Group by 9.9% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 220,181 shares of the company's stock worth $2,462,000 after acquiring an additional 19,879 shares during the period. Finally, William Blair Investment Management LLC increased its stake in Shoals Technologies Group by 71.6% in the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company's stock valued at $114,278,000 after purchasing an additional 4,263,964 shares in the last quarter.

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.