Shoals Technologies Group (NASDAQ:SHLS) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Shoals Technologies Group from “hold” to “buy,” while the broader analyst consensus remains “Moderate Buy,” with 11 buy ratings and six hold ratings and an average price target of $10.71.
• Shoals reported quarterly EPS of $0.12, beating the $0.10 consensus estimate, while revenue of $163.37 million exceeded forecasts and rose 47.4% year over year.
• SHLS shares opened at $8.93, up 3.8%, but remain below the 50-day moving average of $10.03; an insider also sold 10,000 shares, while several major institutional investors increased their holdings.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Other equities analysts also recently issued research reports about the stock. The Goldman Sachs Group increased their price objective on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. Oppenheimer reaffirmed an "outperform" rating and set a $13.00 target price on shares of Shoals Technologies Group in a research note on Tuesday. JPMorgan Chase & Co. increased their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Royal Bank Of Canada raised their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, Needham & Company LLC restated a "buy" rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $10.71.

Shoals Technologies Group Stock Up 3.8%

Shares of NASDAQ SHLS opened at $8.93 on Friday. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 47.00, a PEG ratio of 1.04 and a beta of 1.93. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.32. Shoals Technologies Group has a 12 month low of $4.43 and a 12 month high of $13.18. The stock has a 50-day moving average price of $10.03 and a two-hundred day moving average price of $8.84.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.02. The company had revenue of $163.37 million for the quarter, compared to the consensus estimate of $160.03 million. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The firm's quarterly revenue was up 47.4% compared to the same quarter last year. During the same period last year, the company posted $0.10 EPS. As a group, analysts forecast that Shoals Technologies Group will post 0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the sale, the insider directly owned 98,918 shares of the company's stock, valued at $1,029,736.38. The trade was a 9.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Several large investors have recently modified their holdings of SHLS. Price T Rowe Associates Inc. MD increased its stake in shares of Shoals Technologies Group by 151.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company's stock valued at $108,410,000 after buying an additional 7,685,515 shares during the period. First Trust Advisors LP lifted its stake in shares of Shoals Technologies Group by 1,493.0% in the fourth quarter. First Trust Advisors LP now owns 6,331,682 shares of the company's stock worth $53,819,000 after acquiring an additional 5,934,223 shares during the period. Castle Hook Partners LP acquired a new position in shares of Shoals Technologies Group in the fourth quarter worth approximately $40,095,000. Amundi boosted its holdings in Shoals Technologies Group by 175.2% in the fourth quarter. Amundi now owns 5,776,766 shares of the company's stock valued at $49,075,000 after acquiring an additional 3,677,713 shares during the last quarter. Finally, Peconic Partners LLC boosted its holdings in Shoals Technologies Group by 79.8% in the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company's stock valued at $29,645,000 after acquiring an additional 3,095,186 shares during the last quarter.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.

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