Shoals Technologies Group (NASDAQ:SHLS) Earns Buy Rating from Analysts at Needham & Company LLC

Key Points

• Analysts at Needham & Company LLC have initiated coverage on Shoals Technologies Group (SHLS) with a "buy" rating and a price target of $12.00, indicating a potential upside of 14.5% from the previous close.
• Recent upgrades from other brokerages include JPMorgan Chase raising their target from $9.00 to $11.00, while UBS Group increased theirs from $7.00 to $9.00.
• Shoals Technologies Group reported $110.84 million in revenue for the last quarter, exceeding analysts' expectations, and has set a fiscal year 2025 guidance of 0.29 earnings per share.

Equities research analysts at Needham & Company LLC initiated coverage on shares of Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm set a "buy" rating and a $12.00 price target on the stock. Needham & Company LLC's price target suggests a potential upside of 14.50% from the company's previous close.

A number of other brokerages also recently commented on SHLS. JPMorgan Chase & Co. boosted their target price on shares of Shoals Technologies Group from $9.00 to $11.00 and gave the stock an "overweight" rating in a research note on Thursday, October 16th. UBS Group boosted their target price on shares of Shoals Technologies Group from $7.00 to $9.00 and gave the stock a "buy" rating in a research note on Wednesday, October 1st. Jefferies Financial Group boosted their price target on shares of Shoals Technologies Group from $6.00 to $9.00 and gave the company a "buy" rating in a research report on Monday, September 8th. Guggenheim boosted their price target on shares of Shoals Technologies Group from $6.00 to $8.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Mizuho cut shares of Shoals Technologies Group from an "outperform" rating to a "neutral" rating and set a $7.00 price target for the company. in a research report on Monday, July 14th. Fifteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Shoals Technologies Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $8.00.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $10.48 on Wednesday. The company has a current ratio of 2.34, a quick ratio of 1.64 and a debt-to-equity ratio of 0.23. The firm has a fifty day moving average price of $7.53 and a 200 day moving average price of $5.72. The company has a market cap of $1.75 billion, a P/E ratio of 80.62, a PEG ratio of 1.26 and a beta of 1.65. Shoals Technologies Group has a 12 month low of $2.71 and a 12 month high of $11.31.

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

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Canada Pension Plan Investment Board raised its holdings in shares of Shoals Technologies Group by 13.0% in the second quarter. Canada Pension Plan Investment Board now owns 20,200 shares of the company's stock valued at $86,000 after buying an additional 2,316 shares during the last quarter. AE Wealth Management LLC raised its holdings in shares of Shoals Technologies Group by 8.6% in the second quarter. AE Wealth Management LLC now owns 34,568 shares of the company's stock valued at $147,000 after buying an additional 2,743 shares during the last quarter. Stratos Wealth Partners LTD. raised its holdings in shares of Shoals Technologies Group by 17.2% in the first quarter. Stratos Wealth Partners LTD. now owns 23,313 shares of the company's stock valued at $77,000 after buying an additional 3,415 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Shoals Technologies Group by 1.9% in the second quarter. Legal & General Group Plc now owns 195,828 shares of the company's stock valued at $832,000 after buying an additional 3,601 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in shares of Shoals Technologies Group by 43.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,569 shares of the company's stock valued at $62,000 after buying an additional 4,412 shares during the last quarter.

Shoals Technologies Group Company Profile

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.

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