Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $7.00 by Analysts at Guggenheim

Shoals Technologies Group (NASDAQ:SHLS) had its price objective reduced by Guggenheim from $8.00 to $7.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Roth Capital lowered shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. TD Cowen upped their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Truist Financial decreased their price objective on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a report 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 report on Friday, September 6th. Finally, Roth Mkm reduced their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $11.58.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $4.83 on Thursday. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week high of $17.50. The company has a fifty day moving average of $5.36 and a 200-day moving average of $6.03. The company has a market capitalization of $805.16 million, a P/E ratio of 24.15, a P/E/G ratio of 0.64 and a beta of 1.73. 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 (NASDAQ:SHLS) last issued its quarterly earnings results 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 firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 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 23.8% on a year-over-year basis. During the same period last year, the firm earned $0.16 EPS. As a group, equities research analysts predict that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insider Activity

In other news, CEO Brandon Moss acquired 22,300 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was acquired at an average price 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 $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.67% of the stock is currently owned by company insiders.

Institutional Trading of Shoals Technologies Group

A number of hedge funds have recently modified their holdings of the business. FMR LLC lifted its position in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after acquiring an additional 1,906 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Shoals Technologies Group during the second quarter valued at approximately $54,000. TrinityPoint Wealth LLC purchased a new position in shares of Shoals Technologies Group during the third quarter valued at approximately $60,000. Mackenzie Financial Corp bought a new stake in shares of Shoals Technologies Group in the 2nd quarter worth approximately $64,000. Finally, American Trust purchased a new stake in shares of Shoals Technologies Group in the 2nd quarter worth approximately $68,000.

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.