Shoals Technologies Group Inc. [SHLS] is -7.33% lower this YTD. Is it still time to buy?


Shoals Technologies Group Inc. [NASDAQ: SHLS] surged by $3.49 during the normal trading session on Thursday and reaching a high of $23.01 during the day while it closed the day at $22.52. The company report on June 7, 2022 that Shoals Technologies Group Applauds President Biden’s Executive Action to Spur U.S. Solar Manufacturing.

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Shoals Technologies Group, Inc. (“Shoals” or “the Company”) (Nasdaq: SHLS), a leading provider of electrical balance of systems (EBOS) solutions for solar, storage, and electric vehicle (EV) charging infrastructure, today issued the following statement from Jason Whitaker, President & Chief Executive Officer, applauding President Biden’s Executive Action to spur U.S. solar manufacturing and decision to declare a 24-month tariff exemption for imported solar panels.

“As the leading manufacturer of electrical balance of systems components (“EBOS”) in the United States for the solar industry, we applaud President Biden’s Executive Action invoking the Defense Production Act to spur domestic manufacturing, strengthen our power grids, and accelerate job creation while also granting a 24-month tariff exemption bridge.

Shoals Technologies Group Inc. stock has also gained 19.66% of its value over the past 7 days. However, SHLS stock has inclined by 129.56% in the 3 months of the year. Over the past six months meanwhile, it has gained 57.59% and lost -7.33% year-on date.

The market cap for SHLS stock reached $3.99 billion, with 112.21 million shares outstanding and 110.77 million shares in the current float. Compared to the average trading volume of 2.66M shares, SHLS reached a trading volume of 4891222 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Shoals Technologies Group Inc. [SHLS]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SHLS shares is $24.31 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SHLS stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Northland Capital have made an estimate for Shoals Technologies Group Inc. shares, keeping their opinion on the stock as Market Perform, with their previous recommendation back on July 19, 2022. While these analysts kept the previous recommendation, Truist raised their target price from $16 to $25. The new note on the price target was released on June 09, 2022, representing the official price target for Shoals Technologies Group Inc. stock. Previously, the target price had yet another raise to $16, while Northland Capital analysts kept a Outperform rating on SHLS stock. On April 08, 2022, analysts decreased their price target for SHLS shares from 26 to 16.

The Average True Range (ATR) for Shoals Technologies Group Inc. is set at 1.61, with the Price to Sales ratio for SHLS stock in the period of the last 12 months amounting to 16.94. The Price to Book ratio for the last quarter was 321.71, with the Price to Cash per share for the same quarter was set at 0.01.

SHLS stock trade performance evaluation

Shoals Technologies Group Inc. [SHLS] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 19.66. With this latest performance, SHLS shares gained by 31.70% in over the last four-week period, additionally plugging by 57.59% over the last 6 months – not to mention a drop of -21.34% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SHLS stock in for the last two-week period is set at 70.32, with the RSI for the last a single of trading hit 77.37, and the three-weeks RSI is set at 65.78 for Shoals Technologies Group Inc. [SHLS]. The present Moving Average for the last 50 days of trading for this stock 17.08, while it was recorded at 19.06 for the last single week of trading, and 19.85 for the last 200 days.

Shoals Technologies Group Inc. [SHLS]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Shoals Technologies Group Inc. [SHLS] shares currently have an operating margin of +18.07 and a Gross Margin at +34.67. Shoals Technologies Group Inc.’s Net Margin is presently recorded at +1.10.

Shoals Technologies Group Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 3.60.

Earnings per share (EPS) analysis for Shoals Technologies Group Inc. [SHLS] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SHLS. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Shoals Technologies Group Inc. go to 70.91%.

Shoals Technologies Group Inc. [SHLS]: Insider Ownership positions

There are presently around $2,095 million, in the hands of institutional investors. The top three institutional holders of SHLS stocks are: BLACKROCK INC. with ownership of 18,977,093, which is approximately -4.534% of the company’s market cap and around 1.40% of the total institutional ownership; PRICE T ROWE ASSOCIATES INC /MD/, holding 12,732,109 shares of the stock with an approximate value of $242.29 million in SHLS stocks shares; and INVESCO LTD., currently with $134.42 million in SHLS stock with ownership of nearly 0.787% of the company’s market capitalization.

Positions in Shoals Technologies Group Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 129 institutional holders increased their position in Shoals Technologies Group Inc. [NASDAQ:SHLS] by around 22,310,509 shares. Additionally, 78 investors decreased positions by around 21,928,805 shares, while 18 investors held positions by with 65,875,327 shares. The mentioned changes placed institutional holdings at 110,114,641 shares, according to the latest SEC report filing. SHLS stock had 52 new institutional investments in for a total of 5,465,211 shares, while 30 institutional investors sold positions of 2,426,970 shares during the same period.