Shoals Technologies Group (NASDAQ:SHLS) Coverage Initiated by Analysts at Bank of America

Bank of America initiated coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research report report published on Monday, Marketbeat.com reports. The brokerage issued a buy rating and a $6.00 target price on the stock.

SHLS has been the topic of several other reports. Piper Sandler lowered their target price on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Guggenheim decreased their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Jefferies Financial Group assumed coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price objective on the stock. JPMorgan Chase & Co. dropped 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. Finally, Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective on the stock. Three 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 company currently has an average rating of “Hold” and an average price target of $11.31.

Shoals Technologies Group Trading Up 5.0 %

SHLS opened at $5.26 on Monday. The business’s 50 day moving average is $5.31 and its two-hundred day moving average is $6.00. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a market cap of $876.84 million, a price-to-earnings ratio of 26.30, a price-to-earnings-growth ratio of 0.73 and a beta of 1.73. 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 posted its quarterly earnings data 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 net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same period in the prior year, the firm earned $0.16 EPS. The business’s quarterly revenue was down 23.8% on a year-over-year basis. On average, research analysts predict that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction dated 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 acquisition, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.36% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in shares of Shoals Technologies Group by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after purchasing an additional 1,857 shares during the period. FMR LLC lifted its holdings in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares during the period. Van ECK Associates Corp boosted its position in shares of Shoals Technologies Group by 1.9% in the third 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 during the last quarter. The Manufacturers Life Insurance Company increased its position in Shoals Technologies Group by 3.8% during the second quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after purchasing an additional 3,699 shares during the last quarter. Finally, Point72 DIFC Ltd raised its position 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 during the period.

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.