Shoals Technologies Group (NASDAQ:SHLS) Reaches New 1-Year High on Analyst Upgrade

Key Points

• Shoals Technologies Group shares reached a new 52-week high after JPMorgan Chase & Co. raised its price target from $8.00 to $9.00, maintaining an overweight rating.
• Thirteen investment analysts currently have a Buy rating on the stock, with a consensus target price of $9.15, indicating strong market confidence.
• The company reported a Q2 revenue of $110.84 million, surpassing estimates, and providing a year-over-year revenue increase of 11.7%.

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $8.00 to $9.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Shoals Technologies Group traded as high as $7.66 and last traded at $7.65, with a volume of 22472 shares traded. The stock had previously closed at $7.55.

SHLS has been the topic of a number of other research reports. Roth Capital upgraded Shoals Technologies Group from a "neutral" rating to a "buy" rating and set a $10.00 price objective on the stock in a research report on Thursday, August 7th. Guggenheim lifted their price objective on Shoals Technologies Group from $6.00 to $8.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Barclays lifted their price objective on Shoals Technologies Group from $4.00 to $7.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Mizuho downgraded Shoals Technologies Group from an "outperform" rating to a "neutral" rating and set a $7.00 price objective on the stock. in a research report on Monday, July 14th. Finally, UBS Group reduced their price objective on Shoals Technologies Group from $7.50 to $7.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $9.15.

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds have recently bought and sold shares of the company. American Trust acquired a new position in Shoals Technologies Group during the 2nd quarter worth about $70,000. FORA Capital LLC lifted its stake in Shoals Technologies Group by 288.5% during the 2nd quarter. FORA Capital LLC now owns 59,558 shares of the company's stock worth $253,000 after acquiring an additional 44,229 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Shoals Technologies Group by 468.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company's stock worth $66,000 after acquiring an additional 12,788 shares in the last quarter. Redwood Grove Capital LLC lifted its stake in Shoals Technologies Group by 8.3% during the 2nd quarter. Redwood Grove Capital LLC now owns 3,264,805 shares of the company's stock worth $13,875,000 after acquiring an additional 250,000 shares in the last quarter. Finally, Peconic Partners LLC lifted its stake in Shoals Technologies Group by 79.8% during the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company's stock worth $29,645,000 after acquiring an additional 3,095,186 shares in the last quarter.

Shoals Technologies Group Trading Down 2.5%

The company has a 50 day moving average of $6.07 and a 200-day moving average of $4.91. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.64 and a current ratio of 2.34. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 56.50, a price-to-earnings-growth ratio of 0.89 and a beta of 1.62.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its earnings results 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. Shoals Technologies Group had a return on equity of 7.57% and a net margin of 5.27%.The firm had revenue of $110.84 million for the quarter, compared to analyst estimates of $104.87 million. During the same quarter in the prior year, the company earned $0.10 EPS. Shoals Technologies Group's revenue was up 11.7% on a year-over-year basis. Shoals Technologies Group has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

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.