Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Free Report) have been assigned an average recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $9.6429.
SHLS has been the topic of several recent research reports. The Goldman Sachs Group restated a “buy” rating on shares of Shoals Technologies Group in a report on Monday, February 9th. Citigroup raised their price objective on Shoals Technologies Group from $8.50 to $9.50 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Guggenheim reissued a “buy” rating on shares of Shoals Technologies Group in a research note on Friday, May 22nd. Morgan Stanley cut their price objective on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating on the stock in a research note on Wednesday, February 25th. Finally, JPMorgan Chase & Co. raised their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th.
Get Our Latest Stock Report on SHLS
Shoals Technologies Group Stock Performance
Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The business had revenue of $140.56 million during the quarter, compared to analyst estimates of $129.16 million. The business’s revenue was up 74.4% on a year-over-year basis. Analysts predict that Shoals Technologies Group will post 0.34 earnings per share for the current fiscal year.
Insider Buying and Selling at Shoals Technologies Group
In related news, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the transaction, the chief financial officer directly owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. This trade represents a 12.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.81% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the stock. Edgestream Partners L.P. bought a new position in shares of Shoals Technologies Group in the 1st quarter valued at approximately $2,235,000. California State Teachers Retirement System raised its stake in shares of Shoals Technologies Group by 31.0% in the 1st quarter. California State Teachers Retirement System now owns 199,903 shares of the company’s stock valued at $1,315,000 after acquiring an additional 47,318 shares in the last quarter. Redwood Grove Capital LLC raised its stake in shares of Shoals Technologies Group by 20.2% in the 1st quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company’s stock valued at $19,986,000 after acquiring an additional 511,000 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Shoals Technologies Group by 46.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 73,662 shares of the company’s stock valued at $484,000 after acquiring an additional 23,200 shares in the last quarter. Finally, SummitTX Capital L.P. acquired a new stake in Shoals Technologies Group in the 1st quarter valued at approximately $1,574,000.
Shoals Technologies Group Company Profile
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.
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