Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives $10.64 Consensus Price Target from Brokerages

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been assigned a consensus rating of “Hold” from the twenty-three brokerages that are presently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $10.64.

Several research analysts have recently issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $11.00 target price on shares of Shoals Technologies Group in a research report on Friday, September 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Truist Financial dropped their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, September 6th. JPMorgan Chase & Co. reduced their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Finally, Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price target for the company.

Insider Activity

In other news, CEO Brandon Moss purchased 22,300 shares of the stock in a transaction dated Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, with a total value 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 represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 6,460 shares of company stock valued at $30,271 in the last 90 days. 0.36% of the stock is currently owned by insiders.

Institutional Trading of Shoals Technologies Group

Several large investors have recently modified their holdings of the company. Wellington Management Group LLP lifted its holdings in Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after acquiring an additional 1,666,691 shares during the period. Point72 Asset Management L.P. increased its position in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after purchasing an additional 5,622,207 shares during the last quarter. 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 worth $24,836,000 after purchasing an additional 658,617 shares during the period. Erste Asset Management GmbH purchased a new position in shares of Shoals Technologies Group in the third quarter worth approximately $20,191,000. Finally, Millennium Management LLC grew its position in Shoals Technologies Group by 262.8% during the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after buying an additional 2,442,227 shares during the period.

Shoals Technologies Group Stock Down 1.5 %

Shares of Shoals Technologies Group stock opened at $5.39 on Monday. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 12-month low of $4.07 and a 12-month high of $17.50. The company has a market cap of $898.51 million, a P/E ratio of 26.95, a PEG ratio of 0.64 and a beta of 1.69. The company’s fifty day simple moving average is $5.03 and its two-hundred day simple moving average is $5.65.

Shoals Technologies Group (NASDAQ:SHLS) last announced 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). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter in the prior year, the firm earned $0.16 EPS. Shoals Technologies Group’s quarterly revenue was down 23.8% compared to the same quarter last year. Research analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current year.

Shoals Technologies Group Company Profile

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.