Shoals Technologies Group (NASDAQ:SHLS) Price Target Raised to $11.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price increased by Royal Bank Of Canada from $10.00 to $11.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities research analysts have also commented on SHLS. Weiss Ratings upgraded Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 9th. Cantor Fitzgerald raised their target price on Shoals Technologies Group from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, November 5th. Mizuho lowered their target price on Shoals Technologies Group from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, October 16th. Jefferies Financial Group cut their price target on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, October 14th. Finally, Citigroup reissued a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, July 22nd. Twelve investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.94.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $8.80 on Monday. The firm has a 50 day moving average of $7.83 and a 200 day moving average of $8.46. The company has a current ratio of 2.45, a quick ratio of 1.39 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 38.26, a price-to-earnings-growth ratio of 0.96 and a beta of 1.86. Shoals Technologies Group has a 12-month low of $5.43 and a 12-month high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Wednesday, November 4th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. Shoals Technologies Group had a net margin of 5.84% and a return on equity of 10.23%. The business had revenue of $195.31 million during the quarter, compared to analysts’ expectations of $161.78 million. During the same period in the prior year, the company earned $0.12 earnings per share. The firm’s revenue was up 43.8% on a year-over-year basis. On average, research analysts anticipate that Shoals Technologies Group will post 0.35 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Several large investors have recently added to or reduced their stakes in SHLS. Tidal Investments LLC increased its stake in shares of Shoals Technologies Group by 91.3% in the second quarter. Tidal Investments LLC now owns 371,409 shares of the company’s stock worth $3,677,000 after purchasing an additional 177,223 shares in the last quarter. Squarepoint Ops LLC raised its position in shares of Shoals Technologies Group by 410.9% during the 2nd quarter. Squarepoint Ops LLC now owns 367,387 shares of the company’s stock valued at $3,637,000 after purchasing an additional 295,484 shares during the period. Great Lakes Advisors LLC bought a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at $1,608,000. Edgestream Partners L.P. purchased a new position in shares of Shoals Technologies Group during the 1st quarter valued at $2,235,000. Finally, SEB Asset Management AB purchased a new position in shares of Shoals Technologies Group during the 1st quarter valued at $1,315,000.

About Shoals Technologies Group

Shoals Technologies Group designs and supplies electrical balance-of-system (EBOS) solutions used in solar energy projects. Founded in 1996, the company develops equipment and systems that connect solar panels to the electrical grid. Its products include cable assemblies and wiring harnesses, combiner and junction boxes, disconnects, and other components used to collect and manage electricity generated by solar panels. Shoals also offers pre-engineered, plug-and-play solutions intended to simplify installation and maintenance.