Wolfe Research Begins Coverage on Shoals Technologies Group (NASDAQ:SHLS)

Wolfe Research began coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research report sent to investors on Tuesday, MarketBeat reports. The firm issued a peer perform rating on the stock.

SHLS has been the topic of a number of other reports. Barclays decreased their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Mizuho reduced their price objective on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a research note on Tuesday, December 17th. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Finally, Bank of America began coverage on Shoals Technologies Group in a research note on Monday, November 25th. They set a “buy” rating and a $6.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $9.48.

Shoals Technologies Group Price Performance

NASDAQ:SHLS opened at $4.59 on Tuesday. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $765.15 million, a P/E ratio of 22.95, a P/E/G ratio of 0.47 and a beta of 1.62. Shoals Technologies Group has a 12 month low of $3.83 and a 12 month high of $16.19. The business’s 50-day moving average is $4.91 and its 200 day moving average is $5.19.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP grew its stake in Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after purchasing an additional 1,666,691 shares in the last quarter. Point72 Europe London LLP bought a new position in Shoals Technologies Group in the third quarter worth approximately $1,461,000. Erste Asset Management GmbH purchased a new stake in Shoals Technologies Group during the third quarter worth $20,191,000. Roubaix Capital LLC purchased a new stake in Shoals Technologies Group during the third quarter worth $2,156,000. Finally, Verition Fund Management LLC lifted its holdings in Shoals Technologies Group by 938.3% during the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after buying an additional 2,034,291 shares during the period.

Shoals Technologies Group Company Profile

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.