Barclays Has Lowered Expectations for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its target price dropped by analysts at Barclays from $5.00 to $4.00 in a report released on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s target price suggests a potential downside of 13.61% from the company’s current price.

SHLS has been the subject of a number of other reports. The Goldman Sachs Group dropped their price objective on shares of Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Piper Sandler cut their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Wells Fargo & Company assumed coverage on Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price objective on the stock. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a research note on Tuesday, December 17th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $10.55.

Shoals Technologies Group Stock Down 0.9 %

SHLS stock opened at $4.63 on Friday. The stock has a 50-day simple moving average of $5.10 and a two-hundred day simple moving average of $5.53. Shoals Technologies Group has a twelve month low of $4.07 and a twelve month high of $17.50. The firm has a market capitalization of $771.82 million, a PE ratio of 23.15, a PEG ratio of 0.67 and a beta of 1.64. 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 issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue was down 23.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 EPS. On average, equities analysts predict that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brandon Moss acquired 22,300 shares of the stock in a transaction on Thursday, November 21st. The stock was acquired 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 owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 6,460 shares of company stock worth $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 have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new stake in Shoals Technologies Group during the 4th quarter valued at about $185,000. Empirical Asset Management LLC purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at approximately $59,000. Oddo BHF Asset Management Sas purchased a new stake in shares of Shoals Technologies Group during the third quarter valued at approximately $692,000. Franklin Resources Inc. increased its position in shares of Shoals Technologies Group by 16.1% during the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock valued at $24,836,000 after acquiring an additional 658,617 shares in the last quarter. Finally, Barclays PLC raised its holdings in Shoals Technologies Group by 25.9% in the 3rd quarter. Barclays PLC now owns 291,242 shares of the company’s stock worth $1,634,000 after acquiring an additional 59,856 shares during the last quarter.

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.