Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Average Recommendation of “Hold” from Brokerages

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been assigned a consensus recommendation of “Hold” from the twenty-three analysts that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $10.64.

SHLS has been the subject of several recent analyst reports. Guggenheim cut their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Barclays decreased 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 research report on Wednesday, November 13th. The Goldman Sachs Group dropped their target price on shares of Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 target price on shares of Shoals Technologies Group in a research note on Friday, September 6th. Finally, Piper Sandler lowered their price target on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd.

Insiders Place Their Bets

In other news, CEO Brandon Moss acquired 22,300 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 6,460 shares of company stock worth $30,271 in the last 90 days. Company insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds have recently bought and sold shares of SHLS. Point72 Asset Management L.P. boosted its position in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after acquiring an additional 5,622,207 shares in the last quarter. Erste Asset Management GmbH bought a new stake in Shoals Technologies Group during the third quarter worth $20,191,000. Millennium Management LLC boosted its holdings in shares of Shoals Technologies Group by 262.8% in the 2nd 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 in the last quarter. Verition Fund Management LLC increased its stake in shares of Shoals Technologies Group by 938.3% in the 3rd 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 during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after buying an additional 1,666,691 shares in the last quarter.

Shoals Technologies Group Stock Up 12.8 %

Shoals Technologies Group stock opened at $5.12 on Monday. The company has a fifty day simple moving average of $5.01 and a 200 day simple moving average of $5.68. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 1-year low of $4.07 and a 1-year high of $17.50. The company has a market cap of $853.50 million, a P/E ratio of 25.60, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same period in the prior year, the firm posted $0.16 EPS. Shoals Technologies Group’s revenue was down 23.8% compared to the same quarter last year. Research analysts anticipate 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.