Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Average Recommendation of “Hold” by Analysts

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been given an average recommendation of “Hold” by the twenty-three research firms that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and thirteen have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $11.31.

A number of equities analysts have recently commented on SHLS shares. Jefferies Financial Group initiated coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They set a “hold” rating and a $5.00 price objective for the company. JPMorgan Chase & Co. reduced their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Morgan Stanley lowered their price target on Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday, November 15th. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price objective for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. Finally, Piper Sandler lowered their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd.

Shoals Technologies Group Trading Down 1.1 %

NASDAQ SHLS opened at $5.16 on Thursday. Shoals Technologies Group has a 52 week low of $4.07 and a 52 week high of $17.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The stock’s 50 day moving average price is $5.25 and its two-hundred day moving average price is $5.96. The stock has a market capitalization of $860.17 million, a price-to-earnings ratio of 26.45, a PEG ratio of 0.76 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. During the same period in the prior year, the firm earned $0.16 EPS. The business’s revenue for the quarter was down 23.8% compared to the same quarter last year. As a group, analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss purchased 22,300 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Shoals Technologies Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after acquiring an additional 171,273 shares during the period. Wellington Management Group LLP boosted its holdings in Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after purchasing an additional 1,666,691 shares during the period. Point72 Asset Management L.P. grew 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 purchasing an additional 5,622,207 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Shoals Technologies Group by 16.1% during the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after purchasing an additional 658,617 shares during the period. Finally, Erste Asset Management GmbH acquired a new stake in shares of Shoals Technologies Group in the third quarter valued at approximately $20,191,000.

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.