Jefferies Financial Group Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $3.40

Shoals Technologies Group (NASDAQ:SHLS) had its price target lowered by Jefferies Financial Group from $4.60 to $3.40 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

A number of other research firms have also commented on SHLS. UBS Group lowered their price target 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 Wednesday, February 26th. Barclays lowered their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target on the stock in a research report on Tuesday, December 17th. Royal Bank of Canada lowered their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Finally, The Goldman Sachs Group lowered their price target 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 Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $8.87.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $2.94 on Wednesday. The firm has a market capitalization of $490.10 million, a PE ratio of 14.70, a PEG ratio of 0.52 and a beta of 1.69. The company’s 50-day moving average is $4.41 and its 200-day moving average is $5.00. Shoals Technologies Group has a fifty-two week low of $2.71 and a fifty-two week high of $12.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.12 earnings per share. Equities analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 40,575 shares of company stock worth $123,957. Corporate insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds have recently added to or reduced their stakes in SHLS. FMR LLC boosted its position in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after buying an additional 1,906 shares during the period. Empirical Asset Management LLC acquired a new stake in Shoals Technologies Group during the 4th quarter worth approximately $59,000. TrinityPoint Wealth LLC acquired a new stake in Shoals Technologies Group during the 3rd quarter worth approximately $60,000. American Trust acquired a new stake in Shoals Technologies Group during the 4th quarter worth approximately $72,000. Finally, 49 Wealth Management LLC acquired a new stake in Shoals Technologies Group during the 4th quarter worth approximately $74,000.

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.