TD Cowen Forecasts Strong Price Appreciation for Shoals Technologies Group (NASDAQ:SHLS) Stock

Shoals Technologies Group (NASDAQ:SHLS) had its price target increased by TD Cowen from $9.50 to $11.00 in a research note released on Wednesday, MarketBeat reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They set a “hold” rating and a $5.00 target price on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Northland Securities lowered their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research note on Thursday, August 8th. UBS Group lowered their price objective 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.92.

Shoals Technologies Group Stock Performance

Shares of Shoals Technologies Group stock opened at $4.56 on Wednesday. The stock has a market cap of $759.91 million, a price-to-earnings ratio of 22.80, a PEG ratio of 0.73 and a beta of 1.73. The firm’s 50-day moving average is $5.54 and its 200 day moving average is $6.21. Shoals Technologies Group has a 1 year low of $4.53 and a 1 year high of $17.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue was down 23.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.16 EPS. Sell-side analysts anticipate that Shoals Technologies Group will post 0.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its holdings in shares of Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after purchasing an additional 1,906 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Shoals Technologies Group in the first quarter valued at $92,000. 1620 Investment Advisors Inc. purchased a new position in shares of Shoals Technologies Group in the second quarter valued at $54,000. Mackenzie Financial Corp purchased a new position in shares of Shoals Technologies Group in the second quarter valued at $64,000. Finally, Paloma Partners Management Co purchased a new position in shares of Shoals Technologies Group in the first quarter valued at $115,000.

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.