Shoals Technologies Group (NASDAQ:SHLS) Coverage Initiated at Bank of America

Research analysts at Bank of America initiated coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a note issued to investors on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $6.00 price target on the stock. Bank of America‘s target price would suggest a potential upside of 19.76% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Northland Securities lowered their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. UBS Group lowered their target price on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Oppenheimer reduced their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Finally, Roth Mkm reduced their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Shoals Technologies Group currently has an average rating of “Hold” and a consensus target price of $11.31.

Shoals Technologies Group Trading Down 1.2 %

NASDAQ SHLS opened at $5.01 on Monday. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 52 week low of $4.07 and a 52 week high of $17.50. The stock has a market capitalization of $835.17 million, a PE ratio of 25.05, a price-to-earnings-growth ratio of 0.70 and a beta of 1.73. The firm has a 50 day moving average of $5.33 and a two-hundred day moving average of $6.01.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results 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 firm had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same quarter last year, the firm earned $0.16 EPS. The company’s revenue was down 23.8% on a year-over-year basis. As a group, research analysts expect that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Large investors have recently made changes to their positions in the stock. M&G Plc purchased a new position in shares of Shoals Technologies Group in the 2nd quarter valued at about $7,021,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in shares of Shoals Technologies Group by 104.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after purchasing an additional 69,193 shares in the last quarter. Swedbank AB purchased a new position in shares of Shoals Technologies Group in the 1st quarter valued at about $25,268,000. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Shoals Technologies Group by 146.9% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after purchasing an additional 93,400 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of Shoals Technologies Group by 34.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after purchasing an additional 690,344 shares in 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.