Shoals Technologies Group (NASDAQ:SHLS) Given New $7.00 Price Target at Truist Financial

Shoals Technologies Group (NASDAQ:SHLS) had its price target trimmed by Truist Financial from $8.00 to $7.00 in a report issued on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also recently commented on SHLS. Barclays reduced their price objective on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 13th. Piper Sandler decreased their price target on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. The Goldman Sachs Group dropped their price objective on shares of Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. JPMorgan Chase & Co. decreased their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Finally, Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Shoals Technologies Group currently has a consensus rating of “Hold” and an average target price of $10.60.

Shoals Technologies Group Stock Up 2.9 %

Shares of NASDAQ:SHLS opened at $4.67 on Thursday. The stock has a 50-day simple moving average of $5.14 and a 200-day simple moving average of $5.55. The stock has a market capitalization of $778.49 million, a P/E ratio of 23.35, a PEG ratio of 0.67 and a beta of 1.64. Shoals Technologies Group has a 1 year low of $4.07 and a 1 year 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.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. Shoals Technologies Group’s quarterly revenue was down 23.8% compared to the same quarter last year. Equities analysts forecast 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 bought 22,300 shares of the stock in a transaction on Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 6,460 shares of company stock worth $30,271 over the last ninety days. 0.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

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