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

Key Points

• Guggenheim analysts have increased their target price for Shoals Technologies Group from $6.00 to $8.00, indicating a potential upside of 70.39% from its last closing price.
• The stock currently holds a consensus rating of "Hold" with a growing number of analysts assigning a "buy" rating as well as some downgrades from other firms.
• Shoals Technologies Group reported earnings per share of $0.10 for the last quarter, exceeding analysts' estimates, and experienced a year-over-year revenue increase of 11.7%.

Shoals Technologies Group (NASDAQ:SHLS - Free Report) had its price objective hoisted by Guggenheim from $6.00 to $8.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also issued research reports about the company. Jefferies Financial Group upgraded Shoals Technologies Group from a "hold" rating to a "buy" rating and upped their price objective for the company from $4.90 to $7.20 in a research note on Monday, July 7th. Mizuho downgraded Shoals Technologies Group from an "outperform" rating to a "neutral" rating and set a $7.00 target price on the stock. in a research report on Monday, July 14th. BNP Paribas reaffirmed an "underperform" rating and issued a $4.00 target price (down previously from $4.50) on shares of Shoals Technologies Group in a research report on Thursday, May 15th. Citigroup upped their target price on Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Finally, Barclays upped their target price on Shoals Technologies Group from $4.00 to $7.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $9.15.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS traded down $0.05 on Wednesday, hitting $4.72. The company's stock had a trading volume of 5,865,548 shares, compared to its average volume of 4,631,932. 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 stock has a fifty day moving average of $5.31 and a two-hundred day moving average of $4.40. The firm has a market capitalization of $789.09 million, a P/E ratio of 18.88, a price-to-earnings-growth ratio of 0.64 and a beta of 1.61. Shoals Technologies Group has a one year low of $2.71 and a one year high of $7.00.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. The firm had revenue of $110.84 million for the quarter, compared to analyst estimates of $104.87 million. Shoals Technologies Group had a return on equity of 7.57% and a net margin of 5.27%. The business's revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 earnings per share. Research analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its stake in Shoals Technologies Group by 20.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock worth $86,000 after buying an additional 2,652 shares in the last quarter. AE Wealth Management LLC raised its stake in Shoals Technologies Group by 8.6% in the second quarter. AE Wealth Management LLC now owns 34,568 shares of the company's stock worth $147,000 after buying an additional 2,743 shares in the last quarter. Stratos Wealth Partners LTD. raised its stake in Shoals Technologies Group by 17.2% in the first quarter. Stratos Wealth Partners LTD. now owns 23,313 shares of the company's stock worth $77,000 after buying an additional 3,415 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in 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 worth $62,000 after buying an additional 4,412 shares in the last quarter. Finally, Maven Securities LTD raised its stake in Shoals Technologies Group by 11.1% in the fourth quarter. Maven Securities LTD now owns 50,000 shares of the company's stock worth $276,000 after buying an additional 5,000 shares in 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.