Guggenheim Lowers Shoals Technologies Group (NASDAQ:SHLS) Price Target to $7.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price lowered by Guggenheim from $8.00 to $7.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on SHLS. Truist Financial dropped their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. TD Cowen lifted their target price on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and upped their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. JPMorgan Chase & Co. cut their price objective 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 started coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They set an “equal weight” rating and a $46.00 target price on the stock. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $11.58.

Shoals Technologies Group Stock Up 9.8 %

Shoals Technologies Group stock opened at $4.83 on Thursday. Shoals Technologies Group has a one year low of $4.07 and a one year high of $17.50. The stock has a fifty day moving average of $5.36 and a 200 day moving average of $6.03. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The stock has a market cap of $805.16 million, a PE ratio of 24.15, a price-to-earnings-growth ratio of 0.64 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last released 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). The business had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue for the quarter was down 23.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.16 EPS. As a group, sell-side analysts predict that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The shares were 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 $2,701,335. The trade was a 3.90 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC lifted its position in Shoals Technologies Group by 25.9% during the third quarter. Barclays PLC now owns 291,242 shares of the company’s stock valued at $1,634,000 after purchasing an additional 59,856 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in shares of Shoals Technologies Group by 33.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock valued at $826,000 after acquiring an additional 37,008 shares during the last quarter. XTX Topco Ltd lifted its holdings in shares of Shoals Technologies Group by 346.6% in the 3rd quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock valued at $758,000 after acquiring an additional 104,850 shares during the last quarter. Yaupon Capital Management LP bought a new stake in Shoals Technologies Group during the third quarter worth approximately $8,585,000. Finally, Wellington Management Group LLP increased its stake 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 worth $73,533,000 after acquiring an additional 1,666,691 shares during 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.