Shoals Technologies Group (NASDAQ:SHLS) Trading Up 8.1% - Should You Buy?

Key Points

• Shoals Technologies Group's stock price increased by 8.1% on Wednesday, reaching a last traded price of $7.78 after previously closing at $7.20.
• Multiple analysts have upgraded their ratings for the company, with a consensus target price of $9.15 and 13 analysts giving a "Buy" rating.
• The company reported $0.10 EPS for the last quarter, surpassing analysts' expectations and demonstrating a year-over-year revenue increase of 11.7%.

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) traded up 8.1% during mid-day trading on Wednesday . The company traded as high as $7.58 and last traded at $7.78. 1,019,979 shares were traded during mid-day trading, a decline of 84% from the average session volume of 6,216,254 shares. The stock had previously closed at $7.20.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Guggenheim lifted their target price on Shoals Technologies Group from $6.00 to $8.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Roth Capital upgraded Shoals Technologies Group from a "neutral" rating to a "buy" rating and set a $10.00 price target on the stock in a report on Thursday, August 7th. Mizuho downgraded Shoals Technologies Group from an "outperform" rating to a "neutral" rating and set a $7.00 price target on the stock. in a report on Monday, July 14th. JPMorgan Chase & Co. lifted their price target on Shoals Technologies Group from $8.00 to $9.00 and gave the company an "overweight" rating in a report on Friday, September 19th. Finally, The Goldman Sachs Group lifted their price target on Shoals Technologies Group from $7.00 to $8.00 and gave the company a "buy" rating in a report on Thursday, September 11th. Thirteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.15.

Shoals Technologies Group Stock Performance

The firm has a fifty day simple moving average of $6.09 and a 200 day simple moving average of $4.93. 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 market cap of $1.34 billion, a price-to-earnings ratio of 61.74, a PEG ratio of 0.92 and a beta of 1.63.

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

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds have recently modified their holdings of SHLS. Nuveen Asset Management LLC grew its position in Shoals Technologies Group by 37.5% during the 4th quarter. Nuveen Asset Management LLC now owns 665,331 shares of the company's stock worth $3,679,000 after acquiring an additional 181,444 shares during the last quarter. ProShare Advisors LLC increased its holdings in Shoals Technologies Group by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 73,817 shares of the company's stock valued at $408,000 after purchasing an additional 24,287 shares in the last quarter. State of Wyoming increased its holdings in Shoals Technologies Group by 250.7% during the 4th quarter. State of Wyoming now owns 15,117 shares of the company's stock valued at $84,000 after purchasing an additional 10,806 shares in the last quarter. Two Sigma Investments LP lifted its position in Shoals Technologies Group by 40.6% during the 4th quarter. Two Sigma Investments LP now owns 657,589 shares of the company's stock worth $3,636,000 after buying an additional 189,754 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Shoals Technologies Group by 13.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 478,524 shares of the company's stock worth $2,646,000 after buying an additional 56,176 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.

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