Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Consensus Recommendation of “Hold” from Analysts

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been assigned a consensus rating of “Hold” from the twenty-three brokerages that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $8.87.

Several brokerages recently weighed in on SHLS. UBS Group reduced their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Royal Bank of Canada dropped their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. JPMorgan Chase & Co. decreased their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. 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 report on Tuesday, December 17th. Finally, Oppenheimer decreased their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction that occurred 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 transaction, the chief executive officer now owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 40,575 shares of company stock worth $123,957. Corporate insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds have recently modified their holdings of the company. FMR LLC boosted its holdings in Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after purchasing an additional 1,906 shares during the last quarter. Empirical Asset Management LLC acquired a new position in Shoals Technologies Group in the fourth quarter valued at approximately $59,000. American Trust purchased a new position in Shoals Technologies Group in the fourth quarter worth approximately $72,000. 49 Wealth Management LLC acquired a new stake in Shoals Technologies Group during the fourth quarter worth $74,000. Finally, State of Wyoming raised its position in Shoals Technologies Group by 250.7% in the fourth quarter. State of Wyoming now owns 15,117 shares of the company’s stock valued at $84,000 after purchasing an additional 10,806 shares during the period.

Shoals Technologies Group Stock Performance

SHLS opened at $3.26 on Wednesday. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 12-month low of $2.71 and a 12-month high of $11.24. The firm has a 50 day moving average of $3.81 and a two-hundred day moving average of $4.76. The firm has a market capitalization of $544.40 million, a PE ratio of 16.30, a P/E/G ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $107.00 million for 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 company’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same period last year, the business earned $0.12 EPS. On average, analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current year.

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.