Shoals Technologies Group (NASDAQ:SHLS – Free Report) had its price target lowered by Oppenheimer from $11.00 to $10.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.
Other equities research analysts have also recently issued reports about the company. 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 note on Friday, November 22nd. Wells Fargo & Company assumed coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective on the stock. Bank of America assumed coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 target price for the company. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target on the stock in a report on Tuesday, December 17th. Finally, Guggenheim reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Three analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $9.48.
Read Our Latest Report on SHLS
Shoals Technologies Group Trading Up 2.0 %
Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last released its 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 business had revenue of $102.20 million during the quarter, compared to the consensus estimate 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 revenue was down 23.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.16 earnings per share. Research analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.
Insider Activity
In related news, CEO Brandon Moss bought 22,300 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, 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 acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders sold 6,460 shares of company stock worth $30,271. 1.67% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Shoals Technologies Group
A number of institutional investors have recently made changes to their positions in SHLS. 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 last quarter. Van ECK Associates Corp lifted its stake in Shoals Technologies Group by 1.9% during the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after purchasing an additional 2,517 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Shoals Technologies Group by 3.8% in the 2nd 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 in the last quarter. Janus Henderson Group PLC increased its position in shares of Shoals Technologies Group by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock valued at $1,653,000 after purchasing an additional 6,503 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Shoals Technologies Group by 1.6% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 551,055 shares of the company’s stock valued at $3,091,000 after buying an additional 8,918 shares in the last quarter.
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.
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