Morgan Stanley Upgrades Shoals Technologies Group (NASDAQ:SHLS) to “Overweight”

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 note issued to investors on Tuesday, MarketBeat reports. The brokerage presently has a $7.00 price target on the stock. Morgan Stanley’s price objective would suggest a potential upside of 50.21% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. Barclays decreased their price target on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 13th. Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They set a “hold” rating and a $5.00 price target for the company. TD Cowen increased their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Guggenheim decreased their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Finally, Roth Mkm decreased 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 note on Friday, September 6th. Three 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 company. Based on data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Hold” and a consensus target price of $10.64.

Shoals Technologies Group Trading Down 5.3 %

NASDAQ SHLS opened at $4.66 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The firm’s fifty day moving average price is $5.03 and its 200 day moving average price is $5.71. The company has a market capitalization of $776.82 million, a price-to-earnings ratio of 23.30, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. 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 posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during 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 company’s quarterly revenue was down 23.8% on a year-over-year basis. During the same period last year, the business earned $0.16 earnings per share. On average, sell-side analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 6,460 shares of company stock worth $30,271 over the last 90 days. Company insiders own 0.36% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC increased its holdings in 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 acquiring an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in Shoals Technologies Group during the 2nd quarter valued at about $54,000. TrinityPoint Wealth LLC purchased a new position in Shoals Technologies Group during the 3rd quarter valued at about $60,000. Mackenzie Financial Corp purchased a new position in Shoals Technologies Group during the 2nd quarter valued at about $64,000. Finally, American Trust purchased a new position in Shoals Technologies Group during the 2nd quarter valued at about $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.