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

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have earned a consensus rating of “Hold” from the twenty-three brokerages that are currently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and fourteen have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $10.64.

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group dropped their price objective on shares of Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. JPMorgan Chase & Co. cut their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Roth Mkm lowered their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Royal Bank of Canada restated an “outperform” rating and set a $11.00 target price on shares of Shoals Technologies Group in a research report on Friday, September 6th. Finally, Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target for the company in a report on Tuesday, December 17th.

Shoals Technologies Group Trading Up 3.7 %

NASDAQ SHLS opened at $5.64 on Monday. Shoals Technologies Group has a 1 year low of $4.07 and a 1 year high of $17.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The company has a market capitalization of $940.18 million, a PE ratio of 28.20, a P/E/G ratio of 0.64 and a beta of 1.69. The company has a fifty day moving average of $5.05 and a 200 day moving average of $5.64.

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 the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same period last year, the firm earned $0.16 EPS. Research analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Brandon Moss acquired 22,300 shares of the business’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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have sold 6,460 shares of company stock worth $30,271. 0.36% of the stock is owned by corporate insiders.

Institutional Trading of Shoals Technologies Group

Several hedge funds have recently made changes to their positions in the company. Oddo BHF Asset Management Sas acquired a new position in Shoals Technologies Group in the third quarter valued at approximately $692,000. Franklin Resources Inc. lifted its stake in shares of Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock valued at $24,836,000 after purchasing an additional 658,617 shares during the last quarter. Barclays PLC grew its holdings in shares of Shoals Technologies Group by 25.9% during the 3rd quarter. Barclays PLC now owns 291,242 shares of the company’s stock worth $1,634,000 after purchasing an additional 59,856 shares during the period. Y Intercept Hong Kong Ltd grew its holdings in shares of Shoals Technologies Group by 33.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock worth $826,000 after purchasing an additional 37,008 shares during the period. Finally, XTX Topco Ltd increased its position in shares of Shoals Technologies Group by 346.6% during the 3rd quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock worth $758,000 after purchasing an additional 104,850 shares during the last quarter.

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.