Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives $8.87 Consensus Target Price from Analysts

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have received an average rating of “Hold” from the twenty-three brokerages that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and thirteen have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $8.87.

SHLS has been the subject of several research reports. UBS Group reduced their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. JPMorgan Chase & Co. cut their target price on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Barclays reduced their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Roth Mkm decreased their target price on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Finally, Mizuho dropped their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the sale, the chief executive officer now owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 40,575 shares of company stock valued at $123,957. Corporate insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC raised 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 purchasing an additional 1,906 shares during the period. Empirical Asset Management LLC purchased a new stake in Shoals Technologies Group in the fourth quarter worth $59,000. American Trust purchased a new position in Shoals Technologies Group during the 4th quarter valued at $72,000. 49 Wealth Management LLC bought a new position in Shoals Technologies Group in the 4th quarter worth $74,000. Finally, State of Wyoming lifted its position in shares of Shoals Technologies Group by 250.7% in the 4th quarter. State of Wyoming now owns 15,117 shares of the company’s stock worth $84,000 after purchasing an additional 10,806 shares during the period.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $3.14 on Wednesday. The company has a market capitalization of $524.36 million, a PE ratio of 15.70, a P/E/G ratio of 0.52 and a beta of 1.69. 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 $10.79. The firm has a fifty day simple moving average of $3.73 and a 200 day simple moving average of $4.71.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The business had revenue of $107.00 million during the quarter, compared to analyst estimates of $102.16 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 17.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 earnings per share. On average, sell-side analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current year.

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.