Shoals Technologies Group (NASDAQ:SHLS) Shares Up 7.7% – Still a Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded up 7.7% during trading on Monday. The company traded as high as $7.66 and last traded at $7.7550. 335,627 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 5,129,168 shares. The stock had previously closed at $7.20.

Analysts Set New Price Targets

SHLS has been the subject of several recent analyst reports. JPMorgan Chase & Co. dropped their price target on Shoals Technologies Group from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Weiss Ratings raised shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 9th. Wall Street Zen lowered shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Mizuho cut their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Friday, October 16th. Finally, Royal Bank Of Canada lifted their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Eleven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.80.

Shoals Technologies Group Price Performance

The firm’s 50-day moving average is $7.60 and its two-hundred day moving average is $8.47. The company has a market cap of $1.43 billion, a P/E ratio of 44.58, a PEG ratio of 0.91 and a beta of 1.86. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.25 and a quick ratio of 1.12.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Wednesday, November 4th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The firm had revenue of $195.31 million during the quarter, compared to analysts’ expectations of $161.78 million. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%. Analysts anticipate that Shoals Technologies Group, Inc. will post 0.35 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Heartland Advisors Inc. purchased a new stake in Shoals Technologies Group during the first quarter valued at approximately $6,950,000. Dimensional Fund Advisors LP raised its stake in shares of Shoals Technologies Group by 31.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,268,794 shares of the company’s stock worth $28,083,000 after purchasing an additional 1,016,987 shares during the last quarter. First Trust Advisors LP raised its position in Shoals Technologies Group by 15.4% during the 1st quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock worth $48,061,000 after buying an additional 972,382 shares during the last quarter. Handelsbanken Fonder AB raised its stake in shares of Shoals Technologies Group by 31.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company’s stock valued at $37,293,000 after buying an additional 912,093 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Shoals Technologies Group by 26.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,728,998 shares of the company’s stock worth $17,957,000 after purchasing an additional 576,591 shares in the last quarter.

About Shoals Technologies Group

Shoals Technologies Group, Inc develops electrical balance-of-system (EBOS) solutions for solar energy projects. Its products connect, protect, combine and monitor the direct-current electrical output of solar panels before electricity is converted and delivered to the broader power system.

The company’s product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, communication and monitoring equipment, and other electrical components used in photovoltaic installations.