Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Average Recommendation of “Hold” by Analysts

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been assigned a consensus recommendation of “Hold” from the twenty-three research firms that are covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $10.60.

A number of equities research analysts have recently issued reports on the stock. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their target price for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. Barclays cut their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a report 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 target price on the stock in a report on Tuesday, December 17th. JPMorgan Chase & Co. cut their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Finally, Wells Fargo & Company began coverage on Shoals Technologies Group in a research report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price target on the stock.

Insider Activity

In related news, CEO Brandon Moss acquired 22,300 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 6,460 shares of company stock worth $30,271. Corporate insiders own 0.36% of the company’s stock.

Institutional Trading of Shoals Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of SHLS. Point72 Asset Management L.P. lifted its stake 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 acquiring an additional 5,622,207 shares during the last quarter. Erste Asset Management GmbH acquired a new position in Shoals Technologies Group in the 3rd quarter worth about $20,191,000. Millennium Management LLC raised its position in Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after purchasing an additional 2,442,227 shares during the last quarter. Verition Fund Management LLC boosted its stake in shares of Shoals Technologies Group by 938.3% during the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock valued at $12,629,000 after purchasing an additional 2,034,291 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of 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 worth $73,533,000 after purchasing an additional 1,666,691 shares during the last quarter.

Shoals Technologies Group Trading Up 2.9 %

Shares of SHLS stock opened at $4.67 on Friday. Shoals Technologies Group has a 12-month low of $4.07 and a 12-month high of $17.50. The company has a market capitalization of $778.49 million, a PE ratio of 23.35, a price-to-earnings-growth ratio of 0.67 and a beta of 1.64. The firm has a 50 day moving average price of $5.14 and a two-hundred day moving average price of $5.55. 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 (NASDAQ:SHLS) last released its quarterly 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 for the quarter, compared to analyst estimates of $98.86 million. During the same period in the previous year, the business posted $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, analysts predict that Shoals Technologies Group will post 0.29 earnings per share 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.