Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Average Rating of “Hold” by Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have earned an average rating of “Hold” from the twenty-three brokerages that are presently covering the company, MarketBeat reports. Three analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $10.60.

SHLS has been the topic of several recent analyst reports. The Goldman Sachs Group cut their price objective on Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Piper Sandler cut their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Truist Financial lowered their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday. Barclays dropped their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 13th. Finally, Bank of America initiated coverage on shares of Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 target price for the company.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. The trade was a 3.90 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders sold 6,460 shares of company stock valued at $30,271. 0.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP increased its position in Shoals Technologies Group by 14.6% during the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after buying an additional 1,666,691 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after acquiring an additional 5,622,207 shares during the period. Franklin Resources Inc. increased its holdings in shares of Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after acquiring an additional 658,617 shares during the last quarter. Erste Asset Management GmbH bought a new stake in Shoals Technologies Group in the 3rd quarter valued at $20,191,000. Finally, Millennium Management LLC lifted its holdings in Shoals Technologies Group by 262.8% during the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after purchasing an additional 2,442,227 shares during the last quarter.

Shoals Technologies Group Stock Performance

SHLS stock opened at $4.67 on Friday. The company has a 50 day moving average price of $5.14 and a 200 day moving average price of $5.55. Shoals Technologies Group has a fifty-two week low of $4.07 and a fifty-two week high of $17.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The stock has a market capitalization of $778.49 million, a PE ratio of 23.35, a price-to-earnings-growth ratio of 0.67 and a beta of 1.64.

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

Shoals Technologies Group Company Profile

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.