JPMorgan Chase & Co. Issues Pessimistic Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its price objective decreased by equities research analysts at JPMorgan Chase & Co. from $11.00 to $10.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 111.42% from the company’s previous close.

SHLS has been the topic of several other research reports. Guggenheim decreased their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Barclays decreased their price objective on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Piper Sandler dropped their target price 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. Morgan Stanley upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target on the stock in a research note on Tuesday, December 17th. Finally, Truist Financial dropped 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 note on Thursday, January 16th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Hold” and a consensus price target of $9.58.

Shoals Technologies Group Stock Performance

SHLS opened at $4.73 on Thursday. The business’s 50-day simple moving average is $5.05 and its 200 day simple moving average is $5.48. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week high of $17.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The firm has a market capitalization of $788.49 million, a PE ratio of 23.65, a PEG ratio of 0.50 and a beta of 1.64.

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

Insider Buying and Selling

In other news, CEO Brandon Moss bought 22,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average price of $4.55 per share, with a total value 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have sold 6,460 shares of company stock valued at $30,271. Corporate insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. FMR LLC boosted its stake in Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares during the period. Empirical Asset Management LLC bought a new stake in shares of Shoals Technologies Group during the 4th quarter valued at about $59,000. TrinityPoint Wealth LLC purchased a new position in shares of Shoals Technologies Group during the third quarter worth about $60,000. Mackenzie Financial Corp bought a new position in shares of Shoals Technologies Group in the second quarter worth approximately $64,000. Finally, American Trust purchased a new stake in Shoals Technologies Group in the second quarter valued at approximately $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.