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

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its price objective upped by equities research analysts at Barclays from $4.00 to $7.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Barclays's price target would indicate a potential upside of 24.44% from the company's previous close.

SHLS has been the subject of several other reports. BNP Paribas Exane lowered Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective for the company. in a research note on Thursday, May 15th. Jefferies Financial Group upgraded Shoals Technologies Group from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $4.90 to $7.20 in a research note on Monday, July 7th. Citigroup boosted their price objective on Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. The Goldman Sachs Group boosted their price objective on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Finally, BNP Paribas reiterated an "underperform" rating and set a $4.00 price objective (down from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group presently has a consensus rating of "Hold" and an average price target of $8.77.

Shoals Technologies Group Stock Performance

Shoals Technologies Group stock traded up $0.11 during trading hours on Friday, hitting $5.63. 1,335,721 shares of the stock traded hands, compared to its average volume of 5,874,746. 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 firm's 50 day moving average price is $5.17 and its 200-day moving average price is $4.39. The stock has a market capitalization of $940.39 million, a price-to-earnings ratio of 46.81, a P/E/G ratio of 0.75 and a beta of 1.59. Shoals Technologies Group has a 1 year low of $2.71 and a 1 year high of $7.00.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SHLS. Victory Capital Management Inc. raised its stake in Shoals Technologies Group by 344.1% in the fourth quarter. Victory Capital Management Inc. now owns 169,999 shares of the company's stock valued at $940,000 after buying an additional 131,718 shares in the last quarter. Royce & Associates LP purchased a new stake in shares of Shoals Technologies Group during the 4th quarter worth approximately $940,000. Cibc World Markets Corp purchased a new stake in shares of Shoals Technologies Group during the 4th quarter worth approximately $87,000. Thrivent Financial for Lutherans acquired a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $1,207,000. Finally, American Century Companies Inc. raised its position in shares of Shoals Technologies Group by 92.1% during the 4th quarter. American Century Companies Inc. now owns 168,175 shares of the company's stock worth $930,000 after purchasing an additional 80,624 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.