The Goldman Sachs Group Has Lowered Expectations for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its price objective reduced by stock analysts at The Goldman Sachs Group from $9.00 to $8.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 71.31% from the company’s previous close.

Several other brokerages have also issued reports on SHLS. Wells Fargo & Company initiated coverage on Shoals Technologies Group in a research report on Monday, October 14th. They set an “equal weight” rating and a $46.00 target price for the company. Truist Financial cut their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a research report on Tuesday, December 17th. Guggenheim cut their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Finally, Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $9.93.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock opened at $4.67 on Wednesday. The stock has a 50 day moving average price of $5.05 and a 200-day moving average price of $5.49. Shoals Technologies Group has a one year low of $4.07 and a one year high of $17.50. The stock has a market cap of $778.49 million, a price-to-earnings ratio of 23.35, a price-to-earnings-growth ratio of 0.54 and a beta of 1.64. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data 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). The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate 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 revenue was down 23.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 EPS. Equities analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Buying and Selling at Shoals Technologies Group

In other 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, with a total value of $101,465.00. Following the completion of the transaction, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 6,460 shares of company stock valued at $30,271. 1.67% of the stock is currently owned by insiders.

Institutional Trading of Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in Shoals Technologies Group during the 4th quarter valued at about $185,000. Empirical Asset Management LLC acquired a new position in shares of Shoals Technologies Group during the fourth quarter valued at about $59,000. Oddo BHF Asset Management Sas purchased a new position in shares of Shoals Technologies Group in the 3rd quarter valued at approximately $692,000. Franklin Resources Inc. boosted its stake in Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after purchasing an additional 658,617 shares in the last quarter. Finally, Barclays PLC grew its position in Shoals Technologies Group by 25.9% during the 3rd quarter. Barclays PLC now owns 291,242 shares of the company’s stock worth $1,634,000 after purchasing an additional 59,856 shares during 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.