JPMorgan Chase & Co. Issues Pessimistic Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its price target reduced by JPMorgan Chase & Co. from $11.00 to $10.00 in a report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

SHLS has been the topic of several other reports. Barclays decreased their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Truist Financial decreased their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. The Goldman Sachs Group dropped their target price on shares of Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price target for the company from $5.00 to $5.50 in a research note on Thursday, October 3rd. Finally, Bank of America began coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They issued a “buy” rating and a $6.00 price objective for the company. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $9.58.

Shoals Technologies Group Trading Up 1.3 %

Shares of SHLS stock opened at $4.73 on Thursday. The firm’s fifty day simple moving average is $5.05 and its 200 day simple moving average is $5.48. Shoals Technologies Group has a 1 year low of $4.07 and a 1 year high of $17.50. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $788.49 million, a P/E ratio of 23.65, a price-to-earnings-growth ratio of 0.50 and a beta of 1.64.

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

Insider Buying and Selling

In related news, CEO Brandon Moss acquired 22,300 shares of the stock in a transaction on Thursday, November 21st. The shares were purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 6,460 shares of company stock valued at $30,271. 1.67% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SHLS. FMR LLC increased its holdings in Shoals Technologies Group by 48.9% in 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. Empirical Asset Management LLC bought a new stake in Shoals Technologies Group during the fourth quarter worth $59,000. TrinityPoint Wealth LLC acquired a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at $60,000. Mackenzie Financial Corp acquired a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at $64,000. Finally, American Trust acquired a new position in shares of Shoals Technologies Group during the 2nd quarter worth $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.