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

Key Points

• Analyst sentiment is moderately bullish: Seventeen firms rate Shoals Technologies Group “Moderate Buy,” with 11 buy ratings and six holds. The average 12-month price target is $10.71, above the reported $8.45 share price.
• Recent results exceeded expectations: Quarterly EPS came in at $0.12 versus the $0.10 consensus estimate, while revenue of $163.37 million beat forecasts and rose 47.4% year over year.
• Shares have shown volatility: SHLS traded between $4.57 and $13.18 over the past year, with a beta of 1.93; the stock was reported up 3.8% and has a market capitalization of approximately $1.41 billion.

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) have received an average rating of "Moderate Buy" from the seventeen ratings firms that are currently covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $10.7143.

SHLS has been the topic of several recent research reports. The Goldman Sachs Group lifted their price objective on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Weiss Ratings raised shares of Shoals Technologies Group from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 4th. Wall Street Zen upgraded shares of Shoals Technologies Group from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Roth Capital restated a "buy" rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. Finally, Jefferies Financial Group upped their price target on Shoals Technologies Group from $10.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, July 14th.

Insider Activity

In related news, insider Bobbie Lee King, Jr. sold 10,000 shares of Shoals Technologies Group stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following the transaction, the insider directly owned 98,918 shares in the company, valued at $1,029,736.38. The trade was a 9.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. KBC Group NV purchased a new position in Shoals Technologies Group in the 1st quarter worth about $30,000. PNC Financial Services Group Inc. lifted its stake in Shoals Technologies Group by 378.0% during the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company's stock valued at $50,000 after buying an additional 5,983 shares in the last quarter. CIBC Asset Management Inc acquired a new position in shares of Shoals Technologies Group in the fourth quarter worth about $85,000. Miller Howard Investments Inc. NY acquired a new position in shares of Shoals Technologies Group in the first quarter worth about $70,000. Finally, Fifth Third Bancorp purchased a new position in shares of Shoals Technologies Group in the first quarter worth approximately $71,000.

Shoals Technologies Group Trading Up 3.8%

Shares of SHLS stock opened at $8.45 on Friday. The stock has a 50-day simple moving average of $9.67 and a 200 day simple moving average of $8.81. The stock has a market capitalization of $1.41 billion, a P/E ratio of 44.48, a P/E/G ratio of 1.01 and a beta of 1.93. Shoals Technologies Group has a fifty-two week low of $4.57 and a fifty-two week high of $13.18. The company has a quick ratio of 1.12, a current ratio of 2.25 and a debt-to-equity ratio of 0.32.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.10 by $0.02. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The firm had revenue of $163.37 million for the quarter, compared to analysts' expectations of $160.03 million. During the same period in the previous year, the business earned $0.10 earnings per share. Shoals Technologies Group's revenue for the quarter was up 47.4% compared to the same quarter last year. On average, sell-side analysts expect that Shoals Technologies Group will post 0.34 earnings per share for the current fiscal year.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source