Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Shoals Technologies Group, Inc. has an average stock recommendation of "Moderate Buy" from 21 ratings firms, with 14 buy ratings, 5 hold ratings, and 2 sell ratings.
• The stock price target among analysts has been raised, with Goldman Sachs and Guggenheim setting targets at $8.00, while Morgan Stanley and JPMorgan Chase & Co. increased their targets to $11.00.
• For Q2 2023, Shoals Technologies Group reported earnings of $0.10 per share on revenues of $110.84 million, surpassing analyst expectations.

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) has earned an average recommendation of "Moderate Buy" from the twenty-one ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $7.7895.

Several brokerages have issued reports on SHLS. The Goldman Sachs Group raised their price objective on Shoals Technologies Group from $7.00 to $8.00 and gave the stock a "buy" rating in a report on Thursday, September 11th. Wall Street Zen lowered Shoals Technologies Group from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 17th. Guggenheim raised their price objective on Shoals Technologies Group from $6.00 to $8.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Morgan Stanley raised their price target on Shoals Technologies Group from $7.00 to $11.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, JPMorgan Chase & Co. raised their price target on Shoals Technologies Group from $9.00 to $11.00 and gave the stock an "overweight" rating in a report on Thursday.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC lifted its position in shares of Shoals Technologies Group by 449.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,226 shares of the company's stock valued at $31,000 after acquiring an additional 5,910 shares during the period. Cerity Partners LLC acquired a new stake in shares of Shoals Technologies Group during the 1st quarter valued at approximately $43,000. MQS Management LLC acquired a new stake in shares of Shoals Technologies Group during the 1st quarter valued at approximately $43,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Shoals Technologies Group during the 1st quarter valued at approximately $44,000. Finally, Virtu Financial LLC acquired a new stake in shares of Shoals Technologies Group during the 1st quarter valued at approximately $46,000.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $9.95 on Friday. The stock's 50-day moving average is $7.29 and its two-hundred day moving average is $5.62. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of 76.54, a PEG ratio of 1.19 and a beta of 1.65. Shoals Technologies Group has a 1 year low of $2.71 and a 1 year high of $11.31. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.64 and a current ratio of 2.34.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. The company had revenue of $110.84 million for the quarter, compared to analyst estimates of $104.87 million. Shoals Technologies Group had a return on equity of 7.57% and a net margin of 5.27%.The business's quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 earnings per share. Shoals Technologies Group has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.