Shoals Technologies Group (NASDAQ:SHLS) Stock Rating Upgraded by Zacks Research

Key Points

• Shoals Technologies Group has been upgraded from a "hold" rating to a "strong-buy" rating by Zacks Research, indicating a positive outlook for the stock.
• Multiple research firms, including Goldman Sachs and Barclays, have raised their price targets for Shoals Technologies Group, with Barclays increasing it to $10.00.
• Shoals Technologies Group reported earnings of $0.10 per share, exceeding expectations and demonstrating a year-over-year revenue increase of 11.7%.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Tuesday,Zacks.com reports.

Several other research firms have also recently weighed in on SHLS. The Goldman Sachs Group upped their price target on shares of Shoals Technologies Group from $7.00 to $8.00 and gave the stock a "buy" rating in a report on Thursday, September 11th. Barclays raised shares of Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $7.00 to $10.00 in a report on Thursday, October 2nd. Guggenheim increased their target price on Shoals Technologies Group from $6.00 to $8.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Morgan Stanley increased their target price on Shoals Technologies Group from $7.00 to $11.00 and gave the company an "overweight" rating in a research note on Thursday, October 16th. Finally, UBS Group increased their target price on Shoals Technologies Group from $7.00 to $9.00 and gave the company a "buy" rating in a research note on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Shoals Technologies Group has an average rating of "Moderate Buy" and an average target price of $8.00.

Shoals Technologies Group Trading Down 5.2%

Shoals Technologies Group stock opened at $9.94 on Tuesday. The stock has a market cap of $1.66 billion, a P/E ratio of 76.47, a PEG ratio of 1.26 and a beta of 1.65. Shoals Technologies Group has a fifty-two week low of $2.71 and a fifty-two week high of $11.31. The firm's fifty day moving average price is $7.63 and its 200-day moving average price is $5.75. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.64 and a current ratio of 2.34.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The firm had revenue of $110.84 million for the quarter, compared to analysts' expectations of $104.87 million. Shoals Technologies Group had a net margin of 5.27% and a return on equity of 7.57%. The business's quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.10 earnings per share. Shoals Technologies Group has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Equities research analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Several institutional investors have recently added to or reduced their stakes in SHLS. Encompass Capital Advisors LLC purchased a new stake in Shoals Technologies Group during the second quarter valued at about $56,120,000. Wellington Management Group LLP boosted its position in Shoals Technologies Group by 51.9% during the first quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company's stock valued at $71,765,000 after buying an additional 7,382,548 shares during the period. CenterBook Partners LP purchased a new stake in Shoals Technologies Group during the first quarter valued at about $12,489,000. Peconic Partners LLC boosted its position in Shoals Technologies Group by 79.8% during the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company's stock valued at $29,645,000 after buying an additional 3,095,186 shares during the period. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in Shoals Technologies Group during the first quarter valued at about $7,712,000.

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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