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

Key Points

• Shoals Technologies Group has been upgraded from a "hold" rating to a "strong-buy" rating by Wall Street Zen, reflecting increased confidence in the company's stock potential.
• Despite this upgrade, other analysts like BNP Paribas have maintained an "underperform" rating and reduced price targets, indicating mixed sentiments about the stock's future.
• The company reported earnings of $0.10 per share, exceeding expectations, with a revenue increase of 11.7% year-over-year, suggesting solid business performance despite varying analyst opinions.

Wall Street Zen upgraded shares of Shoals Technologies Group (NASDAQ:SHLS - Free Report) from a hold rating to a strong-buy rating in a research report sent to investors on Saturday morning.

Other research analysts also recently issued research reports about the company. Barclays increased their price target on Shoals Technologies Group from $4.00 to $7.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. BNP Paribas Exane cut Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective on the stock. in a research note on Thursday, May 15th. Roth Capital upgraded Shoals Technologies Group from a "neutral" rating to a "buy" rating and set a $10.00 price objective on the stock in a research note on Thursday, August 7th. Mizuho cut Shoals Technologies Group from an "outperform" rating to a "neutral" rating and set a $7.00 price objective on the stock. in a research note on Monday, July 14th. Finally, Citigroup increased their price target on Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $9.15.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS traded up $0.31 during mid-day trading on Friday, reaching $4.93. 2,829,350 shares of the stock were exchanged, compared to its average volume of 6,343,453. The company has a 50 day simple moving average of $5.30 and a 200-day simple moving average of $4.40. The stock has a market capitalization of $823.36 million, a P/E ratio of 37.96, a P/E/G ratio of 0.61 and a beta of 1.61. The company has a quick ratio of 1.64, a current ratio of 2.34 and a debt-to-equity ratio of 0.23. Shoals Technologies Group has a 1 year low of $2.71 and a 1 year high of $7.00.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.10 earnings per share (EPS) for the quarter, topping 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%. Shoals Technologies Group's revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.10 earnings per share. Analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Schroder Investment Management Group bought a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at $7,917,000. Norges Bank bought a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at $5,079,000. Worth Venture Partners LLC bought a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at $74,000. Russell Investments Group Ltd. bought a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at $169,000. Finally, Prudential Financial Inc. raised its position in shares of Shoals Technologies Group by 387.7% during the 2nd quarter. Prudential Financial Inc. now owns 62,877 shares of the company's stock valued at $267,000 after acquiring an additional 49,985 shares during 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.