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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has received an average rating of “Hold” from the twenty-three research firms that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and thirteen have issued a buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $8.95.

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Barclays reduced their price target 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. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a report on Tuesday, December 17th. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They set a “peer perform” rating for the company. Finally, TD Cowen boosted their target price on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th.

Shoals Technologies Group Trading Down 6.3 %

Shares of SHLS stock opened at $2.82 on Friday. Shoals Technologies Group has a fifty-two week low of $2.77 and a fifty-two week high of $13.44. 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 stock’s fifty day moving average is $4.63 and its two-hundred day moving average is $5.07. The firm has a market capitalization of $470.09 million, a P/E ratio of 14.10, a PEG ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s quarterly revenue was down 17.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 earnings per share. Research analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brandon Moss sold 21,700 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the transaction, the chief executive officer now directly owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. The trade was a 2.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 35,975 shares of company stock worth $110,633 in the last ninety days. 1.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Shoals Technologies Group by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock worth $94,915,000 after acquiring an additional 576,736 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Shoals Technologies Group by 8.6% during the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock worth $78,710,000 after purchasing an additional 1,125,938 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after purchasing an additional 5,622,207 shares in the last quarter. Invesco Ltd. increased its holdings in Shoals Technologies Group by 20.7% in the fourth quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after buying an additional 1,098,577 shares during the last quarter. Finally, Encompass Capital Advisors LLC raised its stake in Shoals Technologies Group by 14.5% in the fourth quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company’s stock valued at $29,919,000 after buying an additional 683,642 shares in the last quarter.

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.