Does Shoals Technologies Group Inc (NASDAQ:SHLS) warrant a purchase right now? What to Consider Before Making a Decision

Shoals Technologies Group Inc (NASDAQ:SHLS) shares traded 6.37% higher at $15.37 on Wall Street last session.

In accordance with the data, 16 analysts cover Shoals Technologies Group Inc (NASDAQ:SHLS). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $47.00 and a low of $17.00, we find $28.00. Given the previous closing price of $14.45, this indicates a potential upside of 93.77 percent. SHLS stock price is now -15.34% away from the 50-day moving average and -31.33% away from the 200-day moving average. The market capitalization of the company currently stands at $2.61B.

It has been rated a hold by 2 analysts and a buy by 12. Brokers who have rated the stock have averaged $29.27 as their price target over the next twelve months.

With the price target of $33, Exane BNP Paribas recently initiated with Outperform rating for Shoals Technologies Group Inc (NASDAQ: SHLS).

In other news, Peetz Mehgan, General Counsel sold 1,990 shares of the company’s stock on Sep 14. The stock was sold for $42,944 at an average price of $21.58. Upon completion of the transaction, the General Counsel now directly owns 81,385 shares in the company, valued at $1.25 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Sep 14, President TOLNAR JEFFERY sold 1,975 shares of the business’s stock. A total of $42,778 was realized by selling the stock at an average price of $21.66. This leaves the insider owning 62,654 shares of the company worth $0.96 million. Insiders disposed of 103,730,713 shares of company stock worth roughly $1.59 billion over the past 1 year. A total of 3.54% of the company’s stock is owned by insiders.

Shoals Technologies Group Inc (NASDAQ: SHLS) opened at $14.62 on Thursday. During the past 12 months, Shoals Technologies Group Inc has had a low of $14.31 and a high of $32.43. As of last week, the company has a debt-to-equity ratio of 0.40, a current ratio of 2.59, and a quick ratio of 1.71. According to the stock market information, the enterprise value for the company is $2.82B, which is based on a 16.24 price-to-earnings ratio, a 0.43 price-to-earnings-growth ratio, and a beta of 2.10. The fifty day moving average price for SHLS is $18.06 and a two-hundred day moving average price translates $22.32 for the stock.

The latest earnings results from Shoals Technologies Group Inc (NASDAQ: SHLS) was released for Jun, 2023. According to the Solar Company, earnings per share came in at $0.14, beating analysts’ expectations of $0.13 by 0.01. This compares to $0.06 EPS in the same period last year. The net profit margin was 37.53% and return on equity was 56.48% for SHLS. The company reported revenue of $119.21 million for the quarter, compared to $73.49 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 62.21 percent. For the current quarter, analysts expect SHLS to generate $136.02M in revenue.

Shoals Technologies Group Inc(SHLS) Company Profile

Shoals Technologies Group, Inc. provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle charging applications in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, and wire management solutions. It sells its products principally to engineering, procurement, and construction firms that build solar energy projects. Shoals Technologies Group, Inc. was founded in 1996 and is headquartered in Portland, Tennessee.

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