Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives $21.06 Average Target Price from Analysts

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been given a consensus recommendation of “Moderate Buy” by the seventeen analysts that are covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $20.94.

SHLS has been the topic of a number of recent analyst reports. UBS Group reduced their target price on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. TD Cowen dropped their price target on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Barclays dropped their price target on Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 5th. Royal Bank of Canada dropped their price target on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Finally, Janney Montgomery Scott started coverage on Shoals Technologies Group in a research report on Friday, January 19th. They set a “buy” rating and a $20.00 price target on the stock.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its position in Shoals Technologies Group by 92.7% during the third quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after purchasing an additional 765 shares in the last quarter. IFP Advisors Inc raised its stake in Shoals Technologies Group by 73.5% in the second quarter. IFP Advisors Inc now owns 1,223 shares of the company’s stock valued at $31,000 after buying an additional 518 shares during the last quarter. ANTIPODES PARTNERS Ltd purchased a new stake in Shoals Technologies Group in the fourth quarter valued at about $33,000. MetLife Investment Management LLC purchased a new stake in Shoals Technologies Group in the first quarter valued at about $36,000. Finally, Toroso Investments LLC purchased a new stake in Shoals Technologies Group in the third quarter valued at about $44,000.

Shoals Technologies Group Stock Performance

SHLS stock opened at $8.29 on Wednesday. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The business’s fifty day simple moving average is $12.38 and its two-hundred day simple moving average is $13.94. Shoals Technologies Group has a twelve month low of $8.06 and a twelve month high of $28.34. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 33.16 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The business had revenue of $130.44 million during the quarter, compared to analysts’ expectations of $131.89 million. Analysts predict that Shoals Technologies Group will post 0.51 earnings per share for the current year.

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.