Shoals Technologies Group (NASDAQ:SHLS) Given New $8.00 Price Target at Guggenheim

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 target boosted by Guggenheim from $6.00 to $8.00 in a report issued on Wednesday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

SHLS has been the subject of several other research reports. The Goldman Sachs Group increased their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Citigroup raised 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 note on Wednesday, May 7th. BNP Paribas reaffirmed an "underperform" rating and set a $4.00 target price (down previously from $4.50) on shares of Shoals Technologies Group in a research report on Thursday, May 15th. BNP Paribas Exane downgraded shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price target for the company. in a report on Thursday, May 15th. Finally, Barclays raised their price target on shares of 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. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of "Hold" and an average price target of $8.92.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS traded up $0.03 during trading hours on Wednesday, hitting $4.80. 1,153,739 shares of the stock were exchanged, compared to its average volume of 6,345,820. Shoals Technologies Group has a one year low of $2.71 and a one year high of $7.00. The company's 50 day moving average is $5.31 and its 200 day moving average is $4.40. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.34 and a quick ratio of 1.58. The firm has a market capitalization of $801.63 million, a P/E ratio of 36.73, a P/E/G ratio of 0.63 and a beta of 1.61.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share 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 during the quarter, compared to analyst estimates of $104.87 million. During the same quarter in the previous year, the business earned $0.10 EPS. The business's revenue was up 11.7% on a year-over-year basis. On average, research analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHLS. Wellington Management Group LLP boosted its holdings in shares of Shoals Technologies Group by 51.9% in the 1st quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company's stock worth $71,765,000 after acquiring an additional 7,382,548 shares in the last quarter. Vanguard Group Inc. increased its holdings in Shoals Technologies Group by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock valued at $94,915,000 after purchasing an additional 576,736 shares in the last quarter. Invesco Ltd. raised its position in Shoals Technologies Group by 5.8% in the 1st quarter. Invesco Ltd. now owns 6,791,182 shares of the company's stock valued at $22,547,000 after purchasing an additional 375,271 shares during the last quarter. Encompass Capital Advisors LLC boosted its stake in Shoals Technologies Group by 14.5% in the fourth quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company's stock worth $29,919,000 after purchasing an additional 683,642 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Shoals Technologies Group by 3.6% in the second quarter. Geode Capital Management LLC now owns 4,213,350 shares of the company's stock worth $17,909,000 after purchasing an additional 146,628 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.