Oppenheimer Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $10.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target reduced by Oppenheimer from $11.00 to $10.00 in a report issued on Tuesday,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts also recently commented on the company. The Goldman Sachs Group dropped their target price on Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Guggenheim dropped their price target 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, November 21st. Wells Fargo & Company started coverage on Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective for the company. TD Cowen lifted their target price on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Bank of America started coverage on Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 price target for the company. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $9.48.

Shoals Technologies Group Stock Up 2.0 %

SHLS stock opened at $4.69 on Tuesday. The business has a 50-day simple moving average of $5.07 and a 200 day simple moving average of $5.43. The company has a market cap of $781.82 million, a PE ratio of 23.45, a price-to-earnings-growth ratio of 0.50 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 has a 52 week low of $4.07 and a 52 week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted 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). The business 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%. Shoals Technologies Group’s quarterly revenue was down 23.8% on a year-over-year basis. During the same period last year, the firm posted $0.16 EPS. Sell-side analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss bought 22,300 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 6,460 shares of company stock valued at $30,271 in the last 90 days. 1.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SHLS. FMR LLC grew its holdings in shares of 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 last quarter. Empirical Asset Management LLC acquired a new position in Shoals Technologies Group during the 4th quarter valued at about $59,000. TrinityPoint Wealth LLC bought a new stake in Shoals Technologies Group during the 3rd quarter worth approximately $60,000. Mackenzie Financial Corp purchased a new stake in shares of Shoals Technologies Group in the second quarter worth approximately $64,000. Finally, American Trust purchased a new stake in shares of Shoals Technologies Group in the second quarter worth 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.