Shoals Technologies Group (NASDAQ:SHLS) Earns “Buy” Rating from Truist Financial

Truist Financial reaffirmed their buy rating on shares of Shoals Technologies Group (NASDAQ:SHLS) in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a $10.00 target price on the stock, down from their prior target price of $12.00.

Several other research analysts have also recently weighed in on the stock. TD Cowen lowered their price target on shares of Shoals Technologies Group from $15.00 to $11.00 and set a buy rating on the stock in a report on Wednesday, May 8th. Barclays dropped their price target on Shoals Technologies Group from $12.00 to $10.00 and set an equal weight rating for the company in a report on Thursday, July 18th. BNP Paribas lowered Shoals Technologies Group from an outperform rating to a neutral rating and decreased their price objective for the company from $15.00 to $7.00 in a report on Wednesday. Roth Capital downgraded Shoals Technologies Group from a buy rating to a neutral rating in a report on Tuesday, May 7th. Finally, Northland Securities restated an underperform rating and issued a $6.00 price target (down from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday, May 8th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $11.76.

Shoals Technologies Group Stock Performance

Shares of SHLS traded down $0.17 during midday trading on Wednesday, reaching $5.12. The stock had a trading volume of 9,247,242 shares, compared to its average volume of 4,936,422. The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30. The firm has a 50 day simple moving average of $6.45 and a 200-day simple moving average of $9.53. The firm has a market cap of $872.55 million, a PE ratio of 28.45 and a beta of 1.76. Shoals Technologies Group has a one year low of $4.88 and a one year high of $22.40.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.77% and a net margin of 5.13%. The business had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. During the same quarter last year, the company posted $0.12 earnings per share. Shoals Technologies Group’s quarterly revenue was down 16.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Shoals Technologies Group will post 0.44 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Shoals Technologies Group by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after purchasing an additional 171,273 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Shoals Technologies Group by 28.5% during the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after buying an additional 2,864,879 shares in the last quarter. William Blair Investment Management LLC lifted its stake in shares of Shoals Technologies Group by 71.6% in the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after acquiring an additional 4,263,964 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in shares of Shoals Technologies Group by 2.7% during the 4th quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock valued at $139,502,000 after acquiring an additional 233,377 shares in the last quarter. Finally, Joho Capital LLC grew its position in Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after acquiring an additional 3,387,539 shares during the last quarter.

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.