Shoals Technologies Group (NASDAQ:SHLS) Trading Up 10% - Here's What Happened

Key Points

• Shoals Technologies Group shares jumped 10% to about $7.51, though trading volume was 58% below the stock’s average daily volume.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and six Holds producing a consensus “Moderate Buy” rating and an average price target of $10.71.
• The company exceeded quarterly expectations, reporting EPS of $0.12 versus $0.10 expected and revenue of $163.37 million, up 47.4% year over year.

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price rose 10% during trading on Thursday . The stock traded as high as $7.51 and last traded at $7.5050. 2,228,160 shares changed hands during trading, a decline of 58% from the average daily volume of 5,278,555 shares. The stock had previously closed at $6.82.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on SHLS shares. Weiss Ratings raised Shoals Technologies Group from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, September 8th. Roth Capital reiterated a "buy" rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. Royal Bank Of Canada boosted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Guggenheim reissued a "buy" rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Finally, Jefferies Financial Group raised their price target on Shoals Technologies Group from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $10.71.

Shoals Technologies Group Price Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 39.92, a P/E/G ratio of 0.87 and a beta of 1.89. The company has a 50-day moving average of $8.36 and a 200-day moving average of $8.41.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.02. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%.The firm had revenue of $163.37 million for the quarter, compared to analysts' expectations of $160.03 million. During the same quarter in the prior year, the firm earned $0.10 EPS. Shoals Technologies Group's quarterly revenue was up 47.4% on a year-over-year basis. As a group, equities research analysts expect that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its stake in shares of Shoals Technologies Group by 15.4% during 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 last quarter. Castle Hook Partners LP purchased a new position in shares of Shoals Technologies Group during the fourth quarter valued at approximately $40,095,000. Dimensional Fund Advisors LP boosted its position in Shoals Technologies Group by 31.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,268,794 shares of the company's stock worth $28,083,000 after acquiring an additional 1,016,987 shares during the last quarter. Handelsbanken Fonder AB boosted its position in Shoals Technologies Group by 31.9% during the second 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. Finally, Redwood Grove Capital LLC grew its stake in Shoals Technologies Group by 20.2% in the 1st quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company's stock worth $19,986,000 after acquiring an additional 511,000 shares during the period.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc NASDAQ: SHLS develops and supplies electrical balance-of-system (EBOS) products for solar energy installations. Its solutions connect, protect, combine and monitor the electrical output of photovoltaic panels, helping solar developers and installers improve system reliability and simplify project construction.

The company's product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, cable-management systems and other wiring and connectivity solutions.

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