Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have earned a consensus recommendation of “Hold” from the twenty-two research firms that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and thirteen have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $9.93.

Several brokerages have recently commented on SHLS. Barclays cut their price objective on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. JPMorgan Chase & Co. cut their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday. TD Cowen upped their target price on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group cut their target price on Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company started coverage on Shoals Technologies Group in a research note on Monday, October 14th. They issued an “equal weight” rating and a $46.00 target price for the company.

Shoals Technologies Group Trading Up 8.9 %

Shares of SHLS opened at $4.67 on Friday. Shoals Technologies Group has a twelve month low of $4.07 and a twelve month high of $17.50. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The stock has a market cap of $778.49 million, a PE ratio of 23.35, a P/E/G ratio of 0.54 and a beta of 1.64. The business’s 50-day moving average price is $5.05 and its 200-day moving average price is $5.49.

Shoals Technologies Group (NASDAQ:SHLS) last issued 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). 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 period in the previous year, the firm posted $0.16 EPS. The firm’s revenue for the quarter was down 23.8% compared to the same quarter last year. On average, equities analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the acquisition, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 6,460 shares of company stock worth $30,271 over the last quarter. 1.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC raised its holdings in shares of Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after acquiring an additional 1,906 shares in the last quarter. Van ECK Associates Corp raised its holdings in Shoals Technologies Group by 1.9% in the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after purchasing an additional 2,517 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Shoals Technologies Group by 3.8% in the second quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after purchasing an additional 3,699 shares in the last quarter. Point72 DIFC Ltd raised its holdings in Shoals Technologies Group by 12.8% in the second quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock worth $341,000 after purchasing an additional 6,206 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Shoals Technologies Group by 2.3% in the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock worth $1,653,000 after purchasing an additional 6,503 shares in the last quarter.

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.