Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Consensus Rating of “Hold” by Brokerages

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has earned a consensus rating of “Hold” from the twenty-two analysts that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and thirteen have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $10.08.

Several research firms have recently issued reports on SHLS. The Goldman Sachs Group reduced their price target on Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Piper Sandler reduced their target price on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. TD Cowen upped their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a research note on Tuesday, December 17th. Finally, Guggenheim lowered 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 note on Thursday, November 21st.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction on 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 transaction, 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 6,460 shares of company stock worth $30,271. 0.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in Shoals Technologies Group by 14.6% during the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after purchasing an additional 1,666,691 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Shoals Technologies Group by 460.1% in 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 buying an additional 5,622,207 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Shoals Technologies Group by 16.1% in the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock valued at $24,836,000 after buying an additional 658,617 shares in the last quarter. Erste Asset Management GmbH acquired a new position in Shoals Technologies Group during the third quarter worth $20,191,000. Finally, Millennium Management LLC raised 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 worth $21,039,000 after acquiring an additional 2,442,227 shares in the last quarter.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $4.62 on Friday. The business’s 50-day simple moving average is $5.07 and its 200 day simple moving average is $5.51. 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 stock has a market cap of $770.15 million, a price-to-earnings ratio of 23.10, a P/E/G ratio of 0.54 and a beta of 1.64. Shoals Technologies Group has a 12-month low of $4.07 and a 12-month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS 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 business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same quarter in the prior year, the firm earned $0.16 EPS. The firm’s quarterly revenue was down 23.8% compared to the same quarter last year. As a group, research analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current year.

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.