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

Shoals Technologies Group (NASDAQ:SHLS) had its price target lifted by equities research analysts at TD Cowen from $9.50 to $11.00 in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 110.73% from the company’s previous close.

Other equities analysts have also issued reports about the company. Wells Fargo & Company began coverage on Shoals Technologies Group in a research report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Jefferies Financial Group began coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and set a $11.00 price target on shares of Shoals Technologies Group in a research report on Friday, September 6th. Finally, Piper Sandler raised their price target on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.45.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock opened at $5.22 on Wednesday. The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $869.91 million, a PE ratio of 26.10, a price-to-earnings-growth ratio of 0.73 and a beta of 1.73. The business’s 50-day moving average price is $5.56 and its 200-day moving average price is $6.24. Shoals Technologies Group has a 12 month low of $4.64 and a 12 month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm 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 for the quarter was down 23.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.16 earnings per share. Sell-side analysts forecast that Shoals Technologies Group will post 0.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHLS. FMR LLC boosted its holdings in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in Shoals Technologies Group in the second quarter worth $54,000. TrinityPoint Wealth LLC bought a new stake in Shoals Technologies Group in the third quarter worth $60,000. Mackenzie Financial Corp bought a new stake in Shoals Technologies Group in the second quarter worth $64,000. Finally, American Trust bought a new stake in Shoals Technologies Group in the second quarter worth $68,000.

Shoals Technologies Group Company Profile

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.