Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been given a consensus recommendation of “Hold” by the twenty-three ratings firms that are currently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $10.64.

A number of equities research analysts have issued reports on the company. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and upped their target price for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Truist Financial lowered their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 target price on the stock. 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 report on Friday, September 6th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th.

Shoals Technologies Group Stock Up 12.8 %

Shoals Technologies Group stock opened at $5.12 on Monday. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 1-year low of $4.07 and a 1-year high of $17.50. The firm’s fifty day simple moving average is $5.01 and its 200-day simple moving average is $5.68. The company has a market capitalization of $853.50 million, a P/E ratio of 25.60, a P/E/G ratio of 0.64 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company 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%. Shoals Technologies Group’s quarterly revenue was down 23.8% on a year-over-year basis. During the same quarter last year, the business earned $0.16 earnings per share. Sell-side analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Brandon Moss bought 22,300 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was bought 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 6,460 shares of company stock valued at $30,271 over the last quarter. Corporate insiders own 1.67% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in Shoals Technologies Group by 104.1% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after buying an additional 69,193 shares during the period. Skandinaviska Enskilda Banken AB publ raised its holdings in Shoals Technologies Group by 146.9% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock worth $980,000 after buying an additional 93,400 shares during the period. Wellington Management Group LLP lifted its stake in Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after buying an additional 1,666,691 shares in the last quarter. Point72 Europe London LLP acquired a new stake in shares of Shoals Technologies Group during the third quarter worth $1,461,000. Finally, Handelsbanken Fonder AB lifted its position in Shoals Technologies Group by 34.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after acquiring an additional 690,344 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.