Shoals Technologies Group (NASDAQ:SHLS) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research note published on Friday morning, Benzinga reports. The firm currently has a $11.00 target price on the stock.

Several other analysts have also issued reports on SHLS. Piper Sandler cut their price target on shares of Shoals Technologies Group from $11.00 to $8.00 and set an overweight rating for the company in a research report on Wednesday, August 7th. Jefferies Financial Group assumed coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They set a hold rating and a $5.00 target price for the company. Roth Capital cut Shoals Technologies Group from a hold rating to a strong sell rating in a research note on Wednesday, August 7th. Northland Securities lowered their price objective on Shoals Technologies Group from $6.00 to $4.00 and set an underperform rating for the company in a research report on Thursday, August 8th. Finally, UBS Group decreased their target price on shares of Shoals Technologies Group from $12.00 to $9.00 and set a buy rating on the stock in a research note on Wednesday, August 7th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Shoals Technologies Group presently has a consensus rating of Hold and an average price target of $11.06.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $5.82 on Friday. The stock’s 50-day moving average is $5.91 and its 200 day moving average is $8.09. The stock has a market cap of $969.90 million, a price-to-earnings ratio of 32.34, a P/E/G ratio of 0.81 and a beta of 1.74. Shoals Technologies Group has a 1-year low of $4.88 and a 1-year high of $22.40. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27.

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 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 firm had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. During the same period last year, the firm posted $0.12 earnings per share. The business’s revenue was down 16.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Capstone Investment Advisors LLC lifted its position in Shoals Technologies Group by 1.7% during the 4th quarter. Capstone Investment Advisors LLC now owns 75,000 shares of the company’s stock valued at $1,166,000 after acquiring an additional 1,237 shares during the period. PNC Financial Services Group Inc. increased its position in Shoals Technologies Group by 14.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock valued at $181,000 after buying an additional 1,429 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Shoals Technologies Group by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after buying an additional 1,857 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Shoals Technologies Group by 10.6% in the fourth quarter. Principal Financial Group Inc. now owns 19,839 shares of the company’s stock worth $308,000 after acquiring an additional 1,898 shares in the last quarter. Finally, Commerce Bank grew its stake in shares of Shoals Technologies Group by 12.8% in the fourth quarter. Commerce Bank now owns 18,038 shares of the company’s stock worth $280,000 after acquiring an additional 2,045 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.