Shoals Technologies Group (NASDAQ:SHLS) Coverage Initiated at Wells Fargo & Company

Investment analysts at Wells Fargo & Company began coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research note issued on Monday, Briefing.com reports. The brokerage set an “equal weight” rating and a $46.00 price target on the stock.

SHLS has been the topic of a number of other reports. Roth Mkm cut their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Roth Capital cut shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Piper Sandler upped their price objective on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $11.00 target price on shares of Shoals Technologies Group in a research note on Friday, September 6th. Finally, Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price target for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.92.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $5.31 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. Shoals Technologies Group has a fifty-two week low of $4.85 and a fifty-two week high of $17.79. The firm has a market cap of $884.91 million, a PE ratio of 37.93, a price-to-earnings-growth ratio of 0.74 and a beta of 1.74. The business has a 50 day moving average price of $5.59 and a 200-day moving average price of $6.90.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. During the same quarter in the prior year, the company posted $0.12 EPS. The firm’s revenue for the quarter was down 16.7% compared to the same quarter last year. Equities research analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after acquiring an additional 171,273 shares during the last quarter. Wellington Management Group LLP grew its position in Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after purchasing an additional 2,864,879 shares during the period. William Blair Investment Management LLC raised its stake in Shoals Technologies Group by 71.6% during 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 buying an additional 4,263,964 shares during the last quarter. Joho Capital LLC lifted its holdings in shares of Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after buying an additional 3,387,539 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Shoals Technologies Group by 30.1% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company’s stock worth $57,050,000 after buying an additional 1,179,834 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.