Oppenheimer Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $10.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price trimmed by Oppenheimer from $11.00 to $10.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

SHLS has been the subject of a number of other reports. Mizuho reduced their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Guggenheim cut their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Barclays reduced their price target on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. TD Cowen increased their price objective on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a report on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $9.48.

Shoals Technologies Group Trading Down 3.3 %

Shoals Technologies Group stock opened at $4.41 on Tuesday. The company has a quick ratio of 1.36, a current ratio of 2.08 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’s fifty day simple moving average is $5.06 and its 200-day simple moving average is $5.44. The stock has a market cap of $735.15 million, a P/E ratio of 22.05, a P/E/G ratio of 0.50 and a beta of 1.64.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. 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 previous year, the company earned $0.16 earnings per share. The business’s revenue for the quarter was down 23.8% on a year-over-year basis. As a group, sell-side analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the transaction, the chief executive officer now directly 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders have sold 6,460 shares of company stock valued at $30,271. 1.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. 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. Mackenzie Financial Corp bought a new position in Shoals Technologies Group during the second quarter worth about $64,000. Empirical Asset Management LLC acquired a new stake in Shoals Technologies Group during the fourth quarter valued at approximately $59,000. TrinityPoint Wealth LLC bought a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at approximately $60,000. Finally, American Trust acquired a new position 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.