Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 8.8% After Analyst Upgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was up 8.8% during trading on Friday after Wells Fargo & Company raised their price target on the stock from $9.00 to $10.00. Wells Fargo & Company currently has an equal weight rating on the stock. Shoals Technologies Group traded as high as $10.41 and last traded at $10.7580. Approximately 354,085 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 5,193,118 shares. The stock had previously closed at $9.89.

SHLS has been the topic of a number of other research reports. BNP Paribas Exane raised Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 price target on the stock in a research report on Wednesday, February 25th. Roth Mkm dropped their price objective on shares of Shoals Technologies Group from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Weiss Ratings upgraded shares of Shoals Technologies Group from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. UBS Group boosted their price target on shares of Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen cut shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.71.

Insider Activity at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 54,449 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $8.48, for a total transaction of $461,727.52. Following the completion of the transaction, the chief financial officer owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. The trade was a 12.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently modified their holdings of SHLS. Edgestream Partners L.P. bought a new position in shares of Shoals Technologies Group in the first quarter worth approximately $2,235,000. California State Teachers Retirement System grew its stake in Shoals Technologies Group by 31.0% in the 1st quarter. California State Teachers Retirement System now owns 199,903 shares of the company’s stock worth $1,315,000 after buying an additional 47,318 shares in the last quarter. Redwood Grove Capital LLC raised its position in shares of Shoals Technologies Group by 20.2% during the 1st quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company’s stock valued at $19,986,000 after buying an additional 511,000 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Shoals Technologies Group by 46.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 73,662 shares of the company’s stock worth $484,000 after acquiring an additional 23,200 shares during the last quarter. Finally, SummitTX Capital L.P. purchased a new position in Shoals Technologies Group in the first quarter worth $1,574,000.

Shoals Technologies Group Price Performance

The stock has a market capitalization of $1.80 billion, a PE ratio of 53.60, a PEG ratio of 1.12 and a beta of 1.90. The business has a fifty day moving average price of $8.86 and a 200-day moving average price of $8.52. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The firm had revenue of $140.56 million for the quarter, compared to the consensus estimate of $129.16 million. The company’s quarterly revenue was up 74.4% on a year-over-year basis. Research analysts expect that Shoals Technologies Group, Inc. will post 0.34 EPS for the current fiscal year.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.