Shoals Technologies Group (NASDAQ:SHLS) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Shoals Technologies Group (NASDAQ:SHLS) had its price target upped by investment analysts at Wells Fargo & Company from $6.00 to $10.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 10.13% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Wall Street Zen cut Shoals Technologies Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 17th. Jefferies Financial Group increased their target price on shares of Shoals Technologies Group from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Monday, September 8th. 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 note on Monday, July 14th. Barclays upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $7.00 to $10.00 in a report on Thursday, October 2nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Shoals Technologies Group from $9.00 to $11.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.62.

Shoals Technologies Group Trading Down 0.8%

SHLS opened at $9.08 on Thursday. The stock has a market capitalization of $1.52 billion, a PE ratio of 45.40, a P/E/G ratio of 1.08 and a beta of 1.69. Shoals Technologies Group has a one year low of $2.71 and a one year high of $11.36. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.64 and a current ratio of 2.19. The business’s 50 day moving average price is $8.57 and its 200 day moving average price is $6.32.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results 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 8.50% and a net margin of 7.66%.The company had revenue of $110.84 million during the quarter, compared to analysts’ expectations of $104.87 million. During the same quarter last year, the firm earned $0.10 earnings per share. The firm’s quarterly revenue was up 11.7% compared to the same quarter last year. As a group, equities research analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Personalized Indexing Management LLC grew its stake in Shoals Technologies Group by 14.1% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 16,616 shares of the company’s stock worth $123,000 after purchasing an additional 2,047 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Shoals Technologies Group by 13.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 20,200 shares of the company’s stock valued at $86,000 after buying an additional 2,316 shares during the period. AE Wealth Management LLC boosted its stake in shares of Shoals Technologies Group by 8.6% in the 2nd quarter. AE Wealth Management LLC now owns 34,568 shares of the company’s stock valued at $147,000 after buying an additional 2,743 shares during the period. Stratos Wealth Partners LTD. grew its position in shares of Shoals Technologies Group by 17.2% during the first quarter. Stratos Wealth Partners LTD. now owns 23,313 shares of the company’s stock worth $77,000 after buying an additional 3,415 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Shoals Technologies Group by 1.9% during the second quarter. Legal & General Group Plc now owns 195,828 shares of the company’s stock worth $832,000 after buying an additional 3,601 shares during the period.

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.