Shoals Technologies Group (NASDAQ:SHLS) Upgraded at Morgan Stanley

Shoals Technologies Group (NASDAQ:SHLS) was upgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Tuesday,Benzinga reports. The firm currently has a $7.00 target price on the stock. Morgan Stanley’s target price would indicate a potential upside of 67.87% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their price objective for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. Wells Fargo & Company started coverage on Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price target for the company. TD Cowen raised their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Piper Sandler reduced 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. Finally, 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 report on Thursday, October 17th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $10.64.

Shoals Technologies Group Stock Performance

Shares of Shoals Technologies Group stock opened at $4.17 on Tuesday. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $695.14 million, a P/E ratio of 20.85, a P/E/G ratio of 0.64 and a beta of 1.69. The business has a fifty day simple moving average of $5.04 and a two-hundred day simple moving average of $5.74. Shoals Technologies Group has a 12 month low of $4.07 and a 12 month high of $17.50.

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 the consensus estimate of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.16 EPS. On average, equities analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other news, CEO Brandon Moss bought 22,300 shares of the stock in a transaction on Thursday, November 21st. The stock was acquired at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 6,460 shares of company stock valued at $30,271 in the last quarter. 1.67% of the stock is owned by insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds have recently made changes to their positions in the company. FMR LLC lifted its holdings in shares of Shoals Technologies Group by 48.9% in 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. 1620 Investment Advisors Inc. purchased a new stake in shares of Shoals Technologies Group in the 2nd quarter worth $54,000. Mackenzie Financial Corp purchased a new stake in shares of Shoals Technologies Group in the 2nd quarter worth $64,000. TrinityPoint Wealth LLC purchased a new stake in shares of Shoals Technologies Group in the 3rd quarter worth $60,000. Finally, American Trust purchased a new stake in shares of Shoals Technologies Group in the 2nd quarter worth $68,000.

About Shoals Technologies Group

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.