Bank of America Begins Coverage on Shoals Technologies Group (NASDAQ:SHLS)

Bank of America started coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a report issued on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Bank of America‘s price target would indicate a potential upside of 19.76% from the stock’s current price.

Several other brokerages have also commented on SHLS. Morgan Stanley dropped their price objective on Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Friday, November 15th. UBS Group dropped their price objective on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. BNP Paribas lowered Shoals Technologies Group from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and an average price target of $11.31.

Shoals Technologies Group Stock Down 1.2 %

Shoals Technologies Group stock opened at $5.01 on Monday. The firm has a market cap of $835.17 million, a price-to-earnings ratio of 25.05, a price-to-earnings-growth ratio of 0.70 and a beta of 1.73. Shoals Technologies Group has a 52 week low of $4.07 and a 52 week high of $17.50. The business’s 50-day moving average price is $5.33 and its 200 day moving average price is $6.01. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue was down 23.8% on a year-over-year basis. During the same period last year, the business earned $0.16 earnings per share. As a group, sell-side analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.36% of the stock is owned by insiders.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently made changes to their positions in SHLS. Vanguard Group Inc. raised its stake in shares of Shoals Technologies Group by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after acquiring an additional 171,273 shares during the period. Lazard Asset Management LLC raised its stake in shares of Shoals Technologies Group by 8.4% in the 1st quarter. Lazard Asset Management LLC now owns 150,026 shares of the company’s stock valued at $1,676,000 after acquiring an additional 11,671 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Shoals Technologies Group by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after acquiring an additional 1,857 shares during the period. Tidal Investments LLC purchased a new stake in shares of Shoals Technologies Group in the 1st quarter valued at approximately $446,000. Finally, Comerica Bank raised its stake in shares of Shoals Technologies Group by 2,823.0% in the 1st quarter. Comerica Bank now owns 89,209 shares of the company’s stock valued at $997,000 after acquiring an additional 86,157 shares during the period.

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.