Shoals Technologies Group (NASDAQ:SHLS) Now Covered by Bank of America

Bank of America began coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage issued a buy rating and a $6.00 price objective on the stock.

Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Royal Bank of Canada reiterated an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Piper Sandler cut their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $5.00 to $5.50 in a research note on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $11.31.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $5.07 on Monday. Shoals Technologies Group has a fifty-two week low of $4.07 and a fifty-two week high of $17.50. The firm has a market cap of $845.17 million, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 0.70 and a beta of 1.73. 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 business has a 50-day simple moving average of $5.33 and a two-hundred day simple moving average of $6.01.

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). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same period in the previous year, the company earned $0.16 EPS. Shoals Technologies Group’s revenue for the quarter was down 23.8% compared to the same quarter last year. On average, analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Activity

In related news, CEO Brandon Moss purchased 22,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.36% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC raised its holdings in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group during the 2nd quarter valued at $54,000. Mackenzie Financial Corp purchased a new stake in Shoals Technologies Group during the 2nd quarter valued at $64,000. TrinityPoint Wealth LLC purchased a new stake in Shoals Technologies Group during the 3rd quarter valued at $60,000. Finally, American Trust purchased a new stake in Shoals Technologies Group during the 2nd quarter valued at $68,000.

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.