Shoals Technologies Group (NASDAQ:SHLS) Price Target Lowered to $7.00 at Truist Financial

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

Other analysts also recently issued reports about the stock. Piper Sandler dropped their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Wells Fargo & Company initiated coverage on Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 target price on the stock. The Goldman Sachs Group decreased their price target on Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. TD Cowen boosted their price objective 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. Finally, JPMorgan Chase & Co. decreased their target price on 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. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $10.60.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $4.67 on Thursday. Shoals Technologies Group has a 12-month low of $4.07 and a 12-month high of $17.50. The company has a market cap of $778.49 million, a PE ratio of 23.35, a P/E/G ratio of 0.67 and a beta of 1.64. The stock has a 50 day simple moving average of $5.14 and a 200-day simple moving average of $5.55. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company’s revenue was down 23.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.16 EPS. On average, equities research analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the transaction, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders sold 6,460 shares of company stock valued at $30,271. Company insiders own 0.36% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP lifted its position in shares of Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after purchasing an additional 1,666,691 shares in the last quarter. Point72 Asset Management L.P. lifted its position in Shoals Technologies Group by 460.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after buying an additional 5,622,207 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock valued at $24,836,000 after buying an additional 658,617 shares during the period. Erste Asset Management GmbH purchased a new position in shares of Shoals Technologies Group during the 3rd quarter valued at $20,191,000. Finally, Millennium Management LLC increased its stake in shares of Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after acquiring an additional 2,442,227 shares during the last quarter.

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.