Jefferies Financial Group Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $3.40

Shoals Technologies Group (NASDAQ:SHLS) had its price objective decreased by Jefferies Financial Group from $4.60 to $3.40 in a research note issued to investors on Wednesday morning,Benzinga reports. Jefferies Financial Group currently has a hold rating on the stock.

Several other equities research analysts have also recently commented on the company. Mizuho cut their price target on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Piper Sandler cut their price target on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Royal Bank of Canada dropped their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Guggenheim reduced their target price 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, Barclays lowered their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $8.87.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $3.26 on Wednesday. The company has a 50 day moving average of $4.30 and a two-hundred day moving average of $4.97. 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 has a twelve month low of $2.71 and a twelve month high of $12.98. The company has a market cap of $543.44 million, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.12 EPS. As a group, 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 sold 21,700 shares of Shoals Technologies Group stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. The trade was a 2.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 40,575 shares of company stock valued at $123,957 in the last quarter. Insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHLS. FMR LLC raised its holdings 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 worth $33,000 after purchasing an additional 1,906 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Shoals Technologies Group by 20.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company’s stock valued at $86,000 after purchasing an additional 2,652 shares during the period. Maven Securities LTD lifted its holdings in shares of Shoals Technologies Group by 11.1% in the fourth quarter. Maven Securities LTD now owns 50,000 shares of the company’s stock valued at $276,000 after purchasing an additional 5,000 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Shoals Technologies Group by 2.3% in the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock valued at $1,653,000 after purchasing an additional 6,503 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Shoals Technologies Group by 1.6% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 551,055 shares of the company’s stock valued at $3,091,000 after buying an additional 8,918 shares in the last quarter.

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.