Shoals Technologies Group (NASDAQ:SHLS) Stock Rating Upgraded by Jefferies Financial Group

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) was upgraded by equities researchers at Jefferies Financial Group from a "hold" rating to a "buy" rating in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a $7.20 target price on the stock, up from their prior target price of $4.90. Jefferies Financial Group's price objective would indicate a potential upside of 21.72% from the stock's previous close.

Other analysts have also issued reports about the stock. The Goldman Sachs Group upped their price objective 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. BNP Paribas Exane lowered Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective on the stock. in a report on Thursday, May 15th. BNP Paribas restated an "underperform" rating and issued a $4.00 price objective (down previously from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. Citigroup boosted their price objective 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, Mizuho lifted their price objective on Shoals Technologies Group from $6.00 to $7.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Four analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $8.63.

Shoals Technologies Group Stock Performance

Shoals Technologies Group stock opened at $5.92 on Monday. The company has a market capitalization of $988.87 million, a price-to-earnings ratio of 49.29, a price-to-earnings-growth ratio of 0.82 and a beta of 1.59. Shoals Technologies Group has a 12-month low of $2.71 and a 12-month high of $7.08. 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 fifty day moving average price is $4.84 and its 200 day moving average price is $4.37.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $80.36 million for the quarter, compared to the consensus estimate of $74.66 million. Shoals Technologies Group had a net margin of 4.90% and a return on equity of 7.63%. The firm's revenue for the quarter was down 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.07 EPS. On average, research analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its stake in shares of Shoals Technologies Group by 51.9% during 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 during the period. Vanguard Group Inc. increased its stake 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 worth $94,915,000 after acquiring an additional 576,736 shares during the period. Invesco Ltd. lifted its position in Shoals Technologies Group by 5.8% during the first quarter. Invesco Ltd. now owns 6,791,182 shares of the company's stock worth $22,547,000 after purchasing an additional 375,271 shares during the period. Encompass Capital Advisors LLC boosted its position in shares of Shoals Technologies Group by 14.5% during the 4th quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company's stock worth $29,919,000 after acquiring an additional 683,642 shares in the last quarter. Finally, Erste Asset Management GmbH boosted its stake in Shoals Technologies Group by 7.6% in the first quarter. Erste Asset Management GmbH now owns 3,867,306 shares of the company's stock valued at $12,802,000 after buying an additional 273,500 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.

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