Shoals Technologies Group (NASDAQ:SHLS) Rating Increased to Overweight at Morgan Stanley

Shoals Technologies Group (NASDAQ:SHLS) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report issued on Tuesday, Marketbeat.com reports. The firm currently has a $7.00 target price on the stock. Morgan Stanley’s price objective would indicate a potential upside of 50.21% from the company’s current price.

A number of other brokerages also recently commented on SHLS. TD Cowen lifted their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Jefferies Financial Group began coverage on shares of Shoals Technologies Group in a report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 target price for the company. Piper Sandler lowered their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and an average target price of $10.64.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $4.66 on Tuesday. The company has a market cap of $776.82 million, a PE ratio of 23.30, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. Shoals Technologies Group has a 12 month low of $4.07 and a 12 month high of $17.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The company has a 50-day simple moving average of $5.03 and a 200-day simple moving average of $5.71.

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 analysts’ consensus estimates of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.16 earnings per share. On average, equities analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction dated Thursday, November 21st. The shares were acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the transaction, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have sold 6,460 shares of company stock valued at $30,271. Corporate insiders own 0.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP lifted 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 in the last quarter. Point72 Asset Management L.P. increased its stake in shares of Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after buying an additional 5,622,207 shares during the last quarter. Franklin Resources Inc. increased 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 worth $24,836,000 after buying an additional 658,617 shares during the last quarter. Erste Asset Management GmbH bought a new stake in shares of Shoals Technologies Group in the third quarter worth $20,191,000. Finally, Millennium Management LLC increased its stake in shares of Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after buying an additional 2,442,227 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.