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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has received a consensus recommendation of “Moderate Buy” from the twenty-three ratings firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $8.70.

A number of brokerages have recently issued reports on SHLS. JPMorgan Chase & Co. boosted their target price on shares of Shoals Technologies Group from $9.00 to $11.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Wall Street Zen cut shares of Shoals Technologies Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 17th. Zacks Research upgraded shares of Shoals Technologies Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. Barclays raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $7.00 to $10.00 in a research note on Thursday, October 2nd. Finally, Wells Fargo & Company increased their price objective on Shoals Technologies Group from $6.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 6th.

Shoals Technologies Group Price Performance

SHLS opened at $8.93 on Thursday. The business has a fifty day moving average of $8.72 and a 200 day moving average of $6.46. The stock has a market cap of $1.49 billion, a P/E ratio of 44.65, a PEG ratio of 1.11 and a beta of 1.69. 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 52-week low of $2.71 and a 52-week high of $11.36.

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in Shoals Technologies Group by 449.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,226 shares of the company’s stock valued at $31,000 after buying an additional 5,910 shares in the last quarter. MQS Management LLC purchased a new stake in shares of Shoals Technologies Group during the first quarter worth about $43,000. Cerity Partners LLC purchased a new stake in shares of Shoals Technologies Group during the first quarter worth about $43,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Shoals Technologies Group during the first quarter valued at about $44,000. Finally, Virtu Financial LLC purchased a new position in shares of Shoals Technologies Group in the 1st quarter valued at approximately $46,000.

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.