Jefferies Financial Group Lowers Shoals Technologies Group (NASDAQ:SHLS) Price Target to $3.40

Shoals Technologies Group (NASDAQ:SHLS) had its price objective cut by Jefferies Financial Group from $4.60 to $3.40 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 4.29% from the company’s current price.

Other analysts also recently issued reports about the company. Truist Financial reduced their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. TD Cowen raised their target price on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Oppenheimer cut their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research note on Tuesday, January 28th. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target for the company in a research note on Tuesday, December 17th. Finally, Mizuho cut their price target on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $8.87.

Shoals Technologies Group Stock Up 10.9 %

Shares of SHLS opened at $3.26 on Wednesday. The stock has a market capitalization of $543.44 million, a price-to-earnings ratio of 16.30, a PEG ratio of 0.52 and a beta of 1.69. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. Shoals Technologies Group has a 52 week low of $2.71 and a 52 week high of $12.98. The stock has a fifty day moving average of $4.36 and a 200-day moving average of $4.99.

Shoals Technologies Group (NASDAQ:SHLS) last announced 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 company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.12 earnings per share. As a group, sell-side analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were 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 in the company, 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 Securities & Exchange Commission, which is available at this link. Insiders sold 40,575 shares of company stock worth $123,957 in the last three months. Corporate insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. FMR LLC grew its position in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares in the last quarter. Empirical Asset Management LLC purchased a new position in Shoals Technologies Group in the fourth quarter worth $59,000. TrinityPoint Wealth LLC purchased a new position in Shoals Technologies Group in the third quarter worth $60,000. American Trust purchased a new position in Shoals Technologies Group in the fourth quarter worth $72,000. Finally, 49 Wealth Management LLC purchased a new position in Shoals Technologies Group in the fourth quarter worth $74,000.

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.