Truist Financial Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $7.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target reduced by Truist Financial from $8.00 to $7.00 in a research report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also commented on SHLS. Wells Fargo & Company started coverage on Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price target on the stock. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. JPMorgan Chase & Co. dropped their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. The Goldman Sachs Group reduced their price target on shares of Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Finally, Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Shoals Technologies Group presently has an average rating of “Hold” and a consensus price target of $10.55.

Shoals Technologies Group Trading Down 0.9 %

Shares of SHLS opened at $4.63 on Thursday. The firm’s fifty day moving average is $5.10 and its two-hundred day moving average is $5.53. The stock has a market cap of $771.82 million, a PE ratio of 23.15, a price-to-earnings-growth 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 has a 52-week low of $4.07 and a 52-week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. During the same period last year, the business earned $0.16 earnings per share. The company’s revenue for the quarter was down 23.8% compared to the same quarter last year. Research analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Brandon Moss bought 22,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 6,460 shares of company stock valued at $30,271 in the last ninety days. Company insiders own 0.36% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds have recently bought and sold shares of SHLS. FMR LLC grew its position 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 worth $33,000 after buying an additional 1,906 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after acquiring an additional 2,517 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Shoals Technologies Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after acquiring an additional 3,699 shares in the last quarter. Point72 DIFC Ltd boosted its holdings in Shoals Technologies Group by 12.8% in the second quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock valued at $341,000 after purchasing an additional 6,206 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in Shoals Technologies Group by 2.3% in the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock valued at $1,653,000 after purchasing an additional 6,503 shares during 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.