Oppenheimer Has Lowered Expectations for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its target price lowered by equities research analysts at Oppenheimer from $11.00 to $10.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target points to a potential upside of 117.39% from the stock’s previous close.

A number of other research firms also recently commented on SHLS. Mizuho decreased their price target on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Piper Sandler dropped their price target on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Guggenheim decreased their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Barclays dropped their target price on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Finally, Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target for the company in a report on Tuesday, December 17th. Three analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $9.48.

Shoals Technologies Group Price Performance

SHLS stock opened at $4.60 on Tuesday. The stock’s 50 day moving average is $5.07 and its two-hundred day moving average is $5.43. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week high of $17.50. The company has a market capitalization of $766.82 million, a PE ratio of 23.00, a P/E/G ratio of 0.50 and a beta of 1.64. 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 (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company’s revenue was down 23.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.16 earnings per share. Analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at $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 can be accessed through this link. Over the last ninety days, insiders have sold 6,460 shares of company stock valued at $30,271. Company insiders own 1.67% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Large investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. lifted its holdings in shares of Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after buying an additional 5,622,207 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Shoals Technologies Group during the 3rd quarter worth about $20,191,000. Millennium Management LLC boosted its holdings in shares of Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after acquiring an additional 2,442,227 shares in the last quarter. Verition Fund Management LLC boosted its stake in Shoals Technologies Group by 938.3% in the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after purchasing an additional 2,034,291 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after acquiring an additional 1,666,691 shares in 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.