Analysts Set Shoals Technologies Group, Inc. (NASDAQ:SHLS) Price Target at $11.31

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has received an average rating of “Hold” from the twenty-three brokerages that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $11.31.

A number of brokerages have recently issued reports on SHLS. JPMorgan Chase & Co. dropped their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Piper Sandler dropped their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. BNP Paribas lowered shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $15.00 to $7.00 in a report on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Finally, Barclays reduced their target price on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 13th.

Shoals Technologies Group Stock Performance

Shoals Technologies Group stock opened at $5.22 on Thursday. The firm’s 50 day simple moving average is $5.25 and its 200 day simple moving average is $5.97. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 1-year low of $4.07 and a 1-year high of $17.50. The firm has a market capitalization of $870.17 million, a PE ratio of 26.10, a price-to-earnings-growth ratio of 0.76 and a beta of 1.73.

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

Insider Transactions at Shoals Technologies Group

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 purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds have recently made changes to their positions in the company. FMR LLC raised 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 purchasing an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Shoals Technologies Group in the 2nd quarter worth about $54,000. TrinityPoint Wealth LLC bought a new position in shares of Shoals Technologies Group in the 3rd quarter worth about $60,000. Mackenzie Financial Corp purchased a new position in Shoals Technologies Group during the 2nd quarter valued at about $64,000. Finally, American Trust bought a new stake in Shoals Technologies Group during the second quarter worth about $68,000.

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.