Shoals Technologies Group (NASDAQ:SHLS) Trading Up 11.5%

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) rose 11.5% on Wednesday . The stock traded as high as $7.76 and last traded at $7.58. Approximately 2,931,939 shares traded hands during trading, a decline of 30% from the average daily volume of 4,195,054 shares. The stock had previously closed at $6.80.

Analysts Set New Price Targets

SHLS has been the topic of several recent research reports. Truist Financial reaffirmed a "buy" rating and set a $20.00 price objective (down from $23.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. The Goldman Sachs Group lowered their price objective on shares of Shoals Technologies Group from $26.00 to $23.00 and set a "buy" rating for the company in a research report on Friday, March 1st. Mizuho reduced their target price on shares of Shoals Technologies Group from $16.00 to $13.00 and set a "buy" rating on the stock in a report on Wednesday, May 8th. UBS Group lowered their price target on shares of Shoals Technologies Group from $28.00 to $20.00 and set a "buy" rating for the company in a report on Friday, March 1st. Finally, Piper Sandler reduced their price objective on Shoals Technologies Group from $14.00 to $11.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $17.29.

Shoals Technologies Group Stock Performance

The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $1.30 billion, a PE ratio of 43.45 and a beta of 1.86. The firm's 50-day simple moving average is $9.44 and its 200-day simple moving average is $12.70.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (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 firm had revenue of $130.44 million during the quarter, compared to analysts' expectations of $131.89 million. On average, research analysts predict that Shoals Technologies Group, Inc. will post 0.44 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. ANTIPODES PARTNERS Ltd purchased a new stake in Shoals Technologies Group in the fourth quarter worth about $33,000. Headlands Technologies LLC lifted its position in shares of Shoals Technologies Group by 101.4% in the 3rd quarter. Headlands Technologies LLC now owns 4,459 shares of the company's stock worth $81,000 after purchasing an additional 2,245 shares during the period. Trium Capital LLP bought a new position in shares of Shoals Technologies Group during the third quarter valued at approximately $93,000. iA Global Asset Management Inc. purchased a new position in Shoals Technologies Group during the third quarter valued at approximately $102,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Shoals Technologies Group in the third quarter worth approximately $109,000.

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.