Shoals Technologies Group (NASDAQ:SHLS) Shares Up 9.9% - What's Next?

Key Points

• Shoals Technologies Group (NASDAQ:SHLS) shares increased by 9.9% to close at $5.05, following a trading volume of approximately 2.7 million shares, significantly lower than its average volume.
• Analysts have raised their price targets for SHLS, with estimates now ranging from $5.50 to $10.00, and the average target set at $9.15, indicating a general positive outlook on the stock.
• The company reported an EPS of $0.10 for the last quarter, exceeding analysts' expectations, with a revenue of $110.84 million, reflecting an 11.7% increase year-over-year.

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) shares were up 9.9% on Friday . The company traded as high as $5.04 and last traded at $5.05. Approximately 2,703,044 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 6,352,488 shares. The stock had previously closed at $4.59.

Analysts Set New Price Targets

A number of research analysts have weighed in on SHLS shares. Citigroup boosted their target price on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Guggenheim boosted their target price on shares of Shoals Technologies Group from $6.00 to $8.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Jefferies Financial Group upgraded shares of Shoals Technologies Group from a "hold" rating to a "buy" rating and boosted their target price for the company from $4.90 to $7.20 in a research note on Monday, July 7th. The Goldman Sachs Group boosted their target price on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Finally, Roth Capital upgraded shares of Shoals Technologies Group from a "neutral" rating to a "buy" rating and set a $10.00 target price on the stock in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $9.15.

Shoals Technologies Group Stock Up 13.6%

The stock's fifty day moving average is $5.30 and its two-hundred day moving average is $4.40. 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 market cap of $871.84 million, a P/E ratio of 40.35, a price-to-earnings-growth ratio of 0.60 and a beta of 1.61.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly 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. Shoals Technologies Group had a net margin of 5.27% and a return on equity of 7.57%. 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 firm earned $0.10 EPS. The business's revenue for the quarter was up 11.7% compared to the same quarter last year. As a group, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors have recently added to or reduced their stakes in SHLS. Nisa Investment Advisors LLC boosted its position in 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 buying an additional 5,910 shares during the period. Cerity Partners LLC purchased a new stake in Shoals Technologies Group during the 1st quarter valued at $43,000. MQS Management LLC purchased a new stake in Shoals Technologies Group during the 1st quarter valued at $43,000. Caitong International Asset Management Co. Ltd purchased a new stake in Shoals Technologies Group during the 1st quarter valued at $44,000. Finally, Virtu Financial LLC purchased a new stake in Shoals Technologies Group during the 1st quarter valued at $46,000.

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.

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.