Analysts Just Increased Price Targets of These 5 Stocks

1. Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Number of Hedge Fund Holders: 16

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has climbed 4% as of 12:11 PM ET after the Tennessee-based provider of Electrical Balance of System (EBOS) components for solar solutions was upgraded from a Hold to a Buy rating by Bronson Fleig at Truist. The analyst also increased the price target on Shoals Technologies Group, Inc. (NASDAQ:SHLS) from $16 to $25. Fleig thinks that the two-year tariff exemption on solar imports will support the core EBOS business of Shoals Technologies Group, Inc. (NASDAQ:SHLS). The EBOS is utilized for large-scale, utility solar projects in the US, and the tariff exemption news has given the stock price an increased momentum. The analyst is also optimistic about the Shoals Technologies Group, Inc.’s (NASDAQ:SHLS) prospects outside the US and its non-solar EBOS business.

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was discussed in the Q2 2021 investor letter of ClearBridge Investments. Here’s what the firm said:

“Our largest new addition was Shoals Technologies, in the industrials sector, which manufactures electric balance of systems (EBOS) components for ground-mounted solar projects. The company has IP protection around a system of EBOS installation that does not rely on licensed electricians for installation and can be installed above ground, thereby offering the customer significant time and labor savings.”

As of Q1 2022, Shoals Technologies Group, Inc. (NASDAQ:SHLS) was held by 16 hedge funds.

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