Shoals Technologies Group (NASDAQ:SHLS) Stock Price Expected to Rise, Barclays Analyst Says

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its target price raised by stock analysts at Barclays from $4.00 to $7.00 in a report issued on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Barclays's price target would indicate a potential upside of 26.81% from the stock's previous close.

A number of other brokerages have also commented on SHLS. The Goldman Sachs Group boosted their price objective on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Guggenheim boosted their price objective on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Citigroup boosted their price objective on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Mizuho lowered shares of 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. Finally, BNP Paribas Exane downgraded shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 target price on the stock. in a report on Thursday, May 15th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $8.77.

Shoals Technologies Group Stock Down 3.2%

SHLS traded down $0.18 during trading on Friday, reaching $5.52. The company had a trading volume of 4,905,243 shares, compared to its average volume of 5,908,501. The business's fifty day moving average price is $5.17 and its 200 day moving average price is $4.41. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.34 and a quick ratio of 1.58. The company has a market cap of $922.83 million, a P/E ratio of 46.00, a PEG ratio of 0.77 and a beta of 1.59. Shoals Technologies Group has a 12 month low of $2.71 and a 12 month high of $7.00.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). The business had revenue of $80.36 million during the quarter, compared to the consensus estimate of $74.66 million. Shoals Technologies Group had a return on equity of 7.63% and a net margin of 4.90%. The business's revenue for the quarter was down 11.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.07 EPS. Equities analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Goodlander Investment Management LLC acquired a new position in shares of Shoals Technologies Group in the fourth quarter valued at about $8,295,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Shoals Technologies Group in the first quarter valued at about $65,000. Janney Montgomery Scott LLC grew its stake in shares of Shoals Technologies Group by 187.9% in the first quarter. Janney Montgomery Scott LLC now owns 269,096 shares of the company's stock valued at $893,000 after acquiring an additional 175,627 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its stake in shares of Shoals Technologies Group by 189.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company's stock valued at $684,000 after acquiring an additional 80,911 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Shoals Technologies Group by 45.3% in the fourth quarter. Ameriprise Financial Inc. now owns 1,882,420 shares of the company's stock valued at $10,410,000 after acquiring an additional 587,235 shares in the last quarter.

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.