Shoals Technologies Group (NASDAQ:SHLS) Trading Up 8.8% - Still a Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) was up 8.8% during mid-day trading on Tuesday . The stock traded as high as $4.55 and last traded at $4.63. Approximately 1,626,558 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 6,617,708 shares. The stock had previously closed at $4.25.

Analyst Ratings Changes

SHLS has been the subject of several recent analyst reports. The Goldman Sachs Group boosted their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Mizuho boosted 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. Guggenheim increased their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. BNP Paribas Exane downgraded Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 target price for the company. in a research report on Thursday, May 15th. Finally, Jefferies Financial Group cut their price target on shares of Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a report on Wednesday, March 12th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Shoals Technologies Group currently has an average rating of "Hold" and a consensus target price of $8.45.

Shoals Technologies Group Trading Up 8.1%

The stock's fifty day simple moving average is $4.79 and its 200-day simple moving average is $4.37. 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 has a market cap of $988.87 million, a PE ratio of 49.29, a PEG ratio of 0.75 and a beta of 1.59.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly 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 firm had revenue of $80.36 million for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.07 EPS. On average, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Cerity Partners LLC acquired a new position in Shoals Technologies Group in the first quarter valued at approximately $43,000. MQS Management LLC purchased a new position in shares of Shoals Technologies Group during the 1st quarter valued at approximately $43,000. American Trust acquired a new position in shares of Shoals Technologies Group in the 4th quarter valued at $72,000. 49 Wealth Management LLC purchased a new stake in Shoals Technologies Group during the fourth quarter worth $74,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Shoals Technologies Group during the first quarter worth $44,000.

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.