Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $3.40 by Analysts at Jefferies Financial Group

Shoals Technologies Group (NASDAQ:SHLS) had its price objective cut by Jefferies Financial Group from $4.60 to $3.40 in a report published on Wednesday,Benzinga reports. They currently have a hold rating on the stock.

Several other brokerages also recently commented on SHLS. UBS Group lowered their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a research note on Tuesday, December 17th. Bank of America started coverage on shares of Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 target price for the company. Guggenheim lowered their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Finally, Wolfe Research began coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They issued a “peer perform” rating for the company. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $8.87.

Shoals Technologies Group Trading Up 4.6 %

SHLS opened at $2.94 on Wednesday. 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 cap of $490.10 million, a price-to-earnings ratio of 14.70, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. The firm has a 50 day simple moving average of $4.41 and a 200 day simple moving average of $5.00. Shoals Technologies Group has a fifty-two week low of $2.71 and a fifty-two week high of $12.98.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. During the same period last year, the firm earned $0.12 earnings per share. The company’s quarterly revenue was down 17.9% on a year-over-year basis. On average, sell-side analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the sale, the chief executive officer now owns 1,051,303 shares in the company, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is owned by insiders.

Institutional Trading of Shoals Technologies Group

A number of large investors have recently added to or reduced their stakes in SHLS. Janney Montgomery Scott LLC acquired a new stake in Shoals Technologies Group in the third quarter valued at $833,000. Entropy Technologies LP acquired a new stake in Shoals Technologies Group in the third quarter valued at $182,000. GSA Capital Partners LLP acquired a new stake in Shoals Technologies Group in the third quarter valued at $104,000. Impax Asset Management Group plc lifted its stake in Shoals Technologies Group by 19.4% in the third quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company’s stock valued at $8,602,000 after acquiring an additional 249,582 shares during the last quarter. Finally, TrinityPoint Wealth LLC acquired a new stake in Shoals Technologies Group in the third quarter valued at $60,000.

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.