Shoals Technologies Group (NASDAQ:SHLS) Upgraded by Roth Capital to "Buy" Rating

Key Points

• Shoals Technologies Group's stock was upgraded to a buy rating by Roth Capital, with a price target set at $10.00, indicating a potential upside of 116.45% from its current price.
• The company's recent quarterly earnings reported an EPS of $0.10, exceeding analysts' expectations, with revenue up 11.7% year-over-year.
• Despite the positive outlook from several analysts, the stock has a consensus rating of "Hold" and an average price target of $8.92, indicating mixed opinions in the market.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) was upgraded by stock analysts at Roth Capital from a "neutral" rating to a "buy" rating in a report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has a $10.00 target price on the stock. Roth Capital's price objective indicates a potential upside of 120.99% from the stock's previous close.

Several other research firms have also issued reports on SHLS. Jefferies Financial Group raised Shoals Technologies Group from a "hold" rating to a "buy" rating and boosted their price target for the company from $4.90 to $7.20 in a report on Monday, July 7th. BNP Paribas Exane lowered Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price target for the company. in a report on Thursday, May 15th. Citigroup boosted their price target on Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a report on Wednesday, May 7th. UBS Group dropped their target price on shares of Shoals Technologies Group from $7.50 to $7.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Finally, Guggenheim upped their target price on shares of Shoals Technologies Group from $6.00 to $8.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $9.15.

Shoals Technologies Group Stock Down 4.1%

Shares of SHLS traded down $0.20 on Thursday, hitting $4.53. 2,019,771 shares of the stock traded hands, compared to its average volume of 6,348,712. The company has a market capitalization of $756.47 million, a PE ratio of 35.12, a P/E/G ratio of 0.64 and a beta of 1.61. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.64 and a current ratio of 2.34. The business has a 50 day simple moving average of $5.31 and a 200 day simple moving average of $4.40. Shoals Technologies Group has a one year low of $2.71 and a one year high of $7.00.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in shares of Shoals Technologies Group by 51.9% during the 1st quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company's stock worth $71,765,000 after purchasing an additional 7,382,548 shares during the last quarter. CenterBook Partners LP purchased a new stake in shares of Shoals Technologies Group during the 1st quarter valued at approximately $12,489,000. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Shoals Technologies Group during the 1st quarter valued at approximately $7,712,000. Pacer Advisors Inc. purchased a new stake in shares of Shoals Technologies Group during the 1st quarter valued at approximately $5,350,000. Finally, Goodlander Investment Management LLC purchased a new stake in shares of Shoals Technologies Group during the 4th quarter valued at approximately $8,295,000.

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.