Brokerages Set Shoals Technologies Group, Inc. (NASDAQ:SHLS) PT at $9.48

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been given an average rating of “Hold” by the twenty-two analysts that are currently covering the company, Marketbeat.com reports. Three 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. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $9.48.

Several research analysts have weighed in on the stock. TD Cowen upped their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Piper Sandler reduced their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Bank of America assumed coverage on Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 target price on the stock. Guggenheim reduced their price target 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. Finally, Truist Financial cut 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 research report on Thursday, January 16th.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $3.96 on Tuesday. 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 market capitalization of $660.13 million, a price-to-earnings ratio of 19.80, a P/E/G ratio of 0.53 and a beta of 1.62. The business’s 50-day moving average is $4.92 and its 200-day moving average is $5.22. Shoals Technologies Group has a fifty-two week low of $3.83 and a fifty-two week high of $16.85.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss purchased 22,300 shares of the stock in a transaction on Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, for a total transaction 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 approximately $2,701,335. The trade was a 3.90 % increase in their position. The acquisition was disclosed in a legal 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 valued at $30,271 over the last quarter. 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 made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Shoals Technologies Group by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock worth $94,915,000 after purchasing an additional 576,736 shares in the last quarter. Wellington Management Group LLP grew its stake in Shoals Technologies Group by 8.6% during the fourth quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock worth $78,710,000 after buying an additional 1,125,938 shares during the last quarter. Point72 Asset Management L.P. increased its holdings 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 buying an additional 5,622,207 shares in the last quarter. Invesco Ltd. raised its stake in shares of Shoals Technologies Group by 20.7% in the fourth quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after acquiring an additional 1,098,577 shares during the last quarter. Finally, Encompass Capital Advisors LLC boosted its holdings in shares of Shoals Technologies Group by 14.5% in the 4th quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company’s stock worth $29,919,000 after acquiring an additional 683,642 shares in 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.