Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been assigned a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $9.40.

Several research firms have weighed in on SHLS. Weiss Ratings restated a “hold (c)” rating on shares of Shoals Technologies Group in a research note on Friday, January 9th. Wells Fargo & Company upped their target price on shares of Shoals Technologies Group from $6.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 6th. Roth Mkm reaffirmed a “buy” rating and set a $15.00 target price (up from $10.00) on shares of Shoals Technologies Group in a research note on Wednesday, November 5th. Zacks Research downgraded shares of Shoals Technologies Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Finally, Guggenheim increased their price objective on shares of Shoals Technologies Group from $8.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, November 11th.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $10.61 on Friday. The company has a quick ratio of 1.53, a current ratio of 2.19 and a debt-to-equity ratio of 0.21. Shoals Technologies Group has a twelve month low of $2.71 and a twelve month high of $11.36. The business has a 50-day moving average price of $9.42 and a 200-day moving average price of $8.42. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 53.05, a price-to-earnings-growth ratio of 0.86 and a beta of 1.70.

Insider Buying and Selling

In related news, CFO Dominic Bardos sold 4,170 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $7.83, for a total transaction of $32,651.10. Following the completion of the transaction, the chief financial officer directly owned 412,289 shares of the company’s stock, valued at approximately $3,228,222.87. This represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.67% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Hedge funds have recently modified their holdings of the company. Encompass Capital Advisors LLC bought a new stake in Shoals Technologies Group in the second quarter worth $56,120,000. Price T Rowe Associates Inc. MD raised its stake in shares of Shoals Technologies Group by 151.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock valued at $108,410,000 after acquiring an additional 7,685,515 shares during the period. First Trust Advisors LP raised its stake in shares of Shoals Technologies Group by 1,493.0% in the fourth quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock valued at $53,819,000 after acquiring an additional 5,934,223 shares during the period. Castle Hook Partners LP bought a new stake in shares of Shoals Technologies Group in the 4th quarter worth about $40,095,000. Finally, Amundi boosted its stake in shares of Shoals Technologies Group by 175.2% during the 4th quarter. Amundi now owns 5,776,766 shares of the company’s stock worth $49,075,000 after purchasing an additional 3,677,713 shares during the period.

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.