Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Consensus Rating of “Hold” from Analysts

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have earned an average rating of “Hold” from the twenty-three brokerages that are covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and thirteen have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $11.31.

A number of equities research analysts have recently weighed in on SHLS shares. Roth Capital downgraded Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Jefferies Financial Group started coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price target for the company. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price target for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. UBS Group lowered their price target on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Northland Securities lowered their price target on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a report on Thursday, August 8th.

Insider Activity

In other news, CEO Brandon Moss acquired 22,300 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the acquisition, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. This represents a 3.90 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.36% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Shoals Technologies Group by 1.0% during the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after purchasing an additional 171,273 shares during the period. Wellington Management Group LLP raised its position 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 period. Point72 Asset Management L.P. raised its position in shares of Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after purchasing an additional 5,622,207 shares during the period. Franklin Resources Inc. grew its stake in 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 purchasing an additional 658,617 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new position in Shoals Technologies Group in the third quarter valued at about $20,191,000.

Shoals Technologies Group Price Performance

SHLS stock opened at $5.26 on Thursday. 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 52-week low of $4.07 and a 52-week high of $17.50. The stock’s 50 day moving average is $5.31 and its two-hundred day moving average is $6.00. The company has a market capitalization of $876.84 million, a PE ratio of 26.30, a P/E/G ratio of 0.73 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (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 analysts’ expectations of $98.86 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. Shoals Technologies Group’s revenue for the quarter was down 23.8% compared to the same quarter last year. Analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal 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.