Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Average Recommendation of “Hold” by Brokerages

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been given a consensus rating of “Hold” by the twenty-one ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $12.55.

SHLS has been the topic of several research reports. Truist Financial dropped their target price on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. BNP Paribas lowered Shoals Technologies Group from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Oppenheimer lowered their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price objective for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. Finally, 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 price objective on the stock.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $5.71 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. Shoals Technologies Group has a fifty-two week low of $4.85 and a fifty-two week high of $17.50. The stock’s 50-day moving average is $5.61 and its two-hundred day moving average is $6.31. The firm has a market cap of $951.57 million, a P/E ratio of 40.79, a PEG ratio of 0.85 and a beta of 1.73.

Institutional Trading of Shoals Technologies Group

A number of hedge funds have recently modified their holdings of the company. Intech Investment Management LLC bought a new stake in shares of Shoals Technologies Group in the 3rd quarter worth approximately $255,000. SCP Investment LP lifted its position in shares of Shoals Technologies Group by 208.3% during the 3rd quarter. SCP Investment LP now owns 88,800 shares of the company’s stock worth $498,000 after buying an additional 60,000 shares during the period. Corbyn Investment Management Inc. MD lifted its position in shares of Shoals Technologies Group by 7.6% during the 3rd quarter. Corbyn Investment Management Inc. MD now owns 155,778 shares of the company’s stock worth $874,000 after buying an additional 10,975 shares during the period. TrinityPoint Wealth LLC bought a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $60,000. Finally, Impax Asset Management Group plc lifted its position in shares of Shoals Technologies Group by 19.4% during the 3rd quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company’s stock worth $8,602,000 after buying an additional 249,582 shares during the period.

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.