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

Shoals Technologies Group (NASDAQ:SHLS) had its price target lifted by stock analysts at TD Cowen from $9.50 to $11.00 in a research note issued on Wednesday, Marketbeat.com reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price target would indicate a potential upside of 110.73% from the stock’s current price.

A number of other analysts have also recently commented on the company. Roth Mkm reduced their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Royal Bank of Canada restated an “outperform” rating and issued a $11.00 price target on shares of Shoals Technologies Group in a research report on Friday, September 6th. Northland Securities reduced their price target on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research report on Thursday, August 8th. Barclays reiterated an “equal weight” rating and set a $7.00 target price on shares of Shoals Technologies Group in a research report on Thursday, October 10th. Finally, Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their target price for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.45.

Shoals Technologies Group Trading Up 5.5 %

Shares of NASDAQ:SHLS opened at $5.22 on Wednesday. The company has a market cap of $869.91 million, a P/E ratio of 26.10, a PEG ratio of 0.73 and a beta of 1.73. 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 has a 1 year low of $4.64 and a 1 year high of $17.50. The stock’s fifty day moving average price is $5.56 and its 200-day moving average price is $6.24.

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

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after acquiring an additional 171,273 shares during the last quarter. Joho Capital LLC lifted its stake in shares of Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after acquiring an additional 3,387,539 shares during the last quarter. Erste Asset Management GmbH bought a new stake in shares of Shoals Technologies Group during the 3rd quarter worth approximately $20,191,000. Millennium Management LLC lifted its stake in shares of Shoals Technologies Group by 262.8% during the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after acquiring an additional 2,442,227 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in shares of Shoals Technologies Group by 34.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after acquiring an additional 690,344 shares during the last quarter.

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.