JPMorgan Chase & Co. Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $10.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price decreased by JPMorgan Chase & Co. from $11.00 to $10.00 in a research report sent to investors on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

SHLS has been the subject of a number of other research reports. Piper Sandler decreased their price target on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Barclays lowered their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Truist Financial 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 report on Thursday, January 16th. TD Cowen boosted their target price on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group presently has a consensus rating of “Hold” and a consensus target price of $9.58.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $4.73 on Thursday. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $788.49 million, a PE ratio of 23.65, a price-to-earnings-growth ratio of 0.50 and a beta of 1.64. The business’s 50-day moving average price is $5.05 and its 200 day moving average price is $5.48. Shoals Technologies Group has a twelve month low of $4.07 and a twelve month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly 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). The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm’s revenue for the quarter was down 23.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.16 EPS. On average, research analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In other 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 purchased at an average price of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders sold 6,460 shares of company stock worth $30,271. Corporate insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. FMR LLC lifted its position in Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after buying an additional 1,906 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in shares of Shoals Technologies Group during the 4th quarter valued at about $59,000. TrinityPoint Wealth LLC bought a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at approximately $60,000. Mackenzie Financial Corp acquired a new position in Shoals Technologies Group in the second quarter worth approximately $64,000. Finally, American Trust bought a new stake in Shoals Technologies Group in the second 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.