Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $9.00 by Analysts at The Goldman Sachs Group

Shoals Technologies Group (NASDAQ:SHLS) had its price target reduced by analysts at The Goldman Sachs Group from $10.00 to $9.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 93.13% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Royal Bank of Canada reissued an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a report on Friday, September 6th. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a report on Tuesday. 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 report on Wednesday, November 13th. Guggenheim dropped their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Finally, JPMorgan Chase & Co. dropped their price objective 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 investment analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $10.64.

Shoals Technologies Group Stock Performance

Shares of NASDAQ:SHLS opened at $4.66 on Tuesday. Shoals Technologies Group has a twelve month low of $4.07 and a twelve month high of $17.50. The firm has a market cap of $776.82 million, a PE ratio of 23.30, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The business has a fifty day moving average of $5.03 and a 200-day moving average of $5.71.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same quarter last year, the business posted $0.16 earnings per share. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. On average, equities research analysts predict 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 acquired 22,300 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders sold 6,460 shares of company stock worth $30,271. 0.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC grew its position 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 valued at $33,000 after purchasing an additional 1,906 shares during the period. 1620 Investment Advisors Inc. acquired a new position in Shoals Technologies Group during the 2nd quarter worth approximately $54,000. TrinityPoint Wealth LLC acquired a new position in Shoals Technologies Group during the 3rd quarter worth approximately $60,000. Mackenzie Financial Corp acquired a new position in Shoals Technologies Group during the 2nd quarter worth approximately $64,000. Finally, American Trust acquired a new position in Shoals Technologies Group during the 2nd quarter worth approximately $68,000.

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.