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 equities researchers at Roth Capital from a "neutral" rating to a "buy" rating in a research note issued to investors on Thursday, Marketbeat reports. The brokerage currently has a $10.00 price target on the stock. Roth Capital's price objective would indicate a potential upside of 111.86% from the stock's current price.

Several other research firms also recently weighed in on SHLS. Guggenheim upped their price objective on shares of Shoals Technologies Group from $6.00 to $8.00 and gave the stock a "buy" rating in a report on Wednesday. Mizuho downgraded shares of Shoals Technologies Group from an "outperform" rating to a "neutral" rating and set a $7.00 price target on the stock. in a research report on Monday, July 14th. BNP Paribas reaffirmed an "underperform" rating and issued a $4.00 price target (down from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. BNP Paribas Exane lowered shares of 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. Finally, The Goldman Sachs Group boosted their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $8.92.

Shoals Technologies Group Stock Performance

Shares of Shoals Technologies Group stock traded down $0.05 on Thursday, reaching $4.72. 5,865,548 shares of the company were exchanged, compared to its average volume of 4,510,813. Shoals Technologies Group has a 1-year low of $2.71 and a 1-year high of $7.00. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.58 and a current ratio of 2.34. The company's 50-day moving average is $5.31 and its two-hundred day moving average is $4.40. The firm has a market cap of $789.09 million, a price-to-earnings ratio of 36.31, a P/E/G ratio of 0.65 and a beta of 1.61.

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. Shoals Technologies Group had a return on equity of 7.57% and a net margin of 5.27%. The business had revenue of $110.84 million during the quarter, compared to the consensus estimate of $104.87 million. During the same period in the previous year, the firm posted $0.10 earnings per share. The business's revenue was up 11.7% on a year-over-year basis. As a group, research analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in shares of Shoals Technologies Group by 51.9% in the first quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company's stock worth $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 in the 1st quarter worth about $12,489,000. T. Rowe Price Investment Management Inc. acquired a new stake in Shoals Technologies Group during the 1st quarter worth about $7,712,000. Pacer Advisors Inc. purchased a new position in Shoals Technologies Group during the 1st quarter valued at about $5,350,000. Finally, Goodlander Investment Management LLC acquired a new position in shares of Shoals Technologies Group in the 4th quarter valued at about $8,295,000.

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.