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

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been assigned an average rating of “Hold” from the twenty-two research firms that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $9.48.

SHLS has been the subject of a number of research reports. Piper Sandler decreased their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. JPMorgan Chase & Co. decreased their target price on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Truist Financial dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Bank of America assumed coverage on Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 price objective for the company. Finally, Wells Fargo & Company began coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 target price on the stock.

Insiders Place Their Bets

In related news, CEO Brandon Moss bought 22,300 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the transaction, 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 6,460 shares of company stock valued at $30,271. 1.67% of the stock is owned by insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the company. Thrivent Financial for Lutherans bought a new position in Shoals Technologies Group in the fourth quarter valued at about $1,207,000. Cibc World Markets Corp bought a new position in shares of Shoals Technologies Group in the 4th quarter worth approximately $87,000. Royce & Associates LP purchased a new position in shares of Shoals Technologies Group in the fourth quarter worth approximately $940,000. Skandinaviska Enskilda Banken AB publ grew its position in Shoals Technologies Group by 10.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 211,167 shares of the company’s stock valued at $1,191,000 after buying an additional 19,867 shares during the period. Finally, Erste Asset Management GmbH increased its holdings in Shoals Technologies Group by 3.7% during the fourth quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company’s stock valued at $20,269,000 after buying an additional 128,664 shares during the last quarter.

Shoals Technologies Group Price Performance

Shares of SHLS stock opened at $4.38 on Tuesday. 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 cap of $730.15 million, a P/E ratio of 21.90, a P/E/G ratio of 0.53 and a beta of 1.62. The business’s 50 day moving average price is $4.99 and its 200-day moving average price is $5.30. Shoals Technologies Group has a fifty-two week low of $4.07 and a fifty-two week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm’s revenue for the quarter was down 23.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.16 earnings per share. On average, equities research analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share 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.