Shoals Technologies Group (NASDAQ:SHLS) Now Covered by Bank of America

Bank of America started coverage on shares of Shoals Technologies Group (NASDAQ:SHLS - Free Report) in a report issued on Monday, MarketBeat Ratings reports. The firm issued a buy rating and a $6.00 price target on the stock.

Other equities research analysts also recently issued research reports about the stock. Guggenheim cut their target price 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. TD Cowen increased their target price on Shoals Technologies Group from $9.50 to $11.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. UBS Group cut their price target on Shoals Technologies Group from $12.00 to $9.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. Morgan Stanley lowered their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Friday, November 15th. Finally, Northland Securities reduced their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an "underperform" rating for the company in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group presently has an average rating of "Hold" and an average price target of $11.31.

Shoals Technologies Group Stock Up 7.2 %

SHLS traded up $0.35 during midday trading on Monday, reaching $5.18. The company's stock had a trading volume of 3,803,702 shares, compared to its average volume of 5,000,706. Shoals Technologies Group has a 1 year low of $4.07 and a 1 year high of $17.50. The stock's 50-day moving average is $5.36 and its 200-day moving average is $6.03. The firm has a market capitalization of $863.51 million, a price-to-earnings ratio of 26.30, a PEG ratio of 0.70 and a beta of 1.73. 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 (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million for the quarter, compared to analysts' expectations of $98.86 million. During the same period last year, the company posted $0.16 earnings per share. The business's revenue for the quarter was down 23.8% compared to the same quarter last year. As a group, research analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss bought 22,300 shares of the stock in a transaction on 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 acquisition, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently bought and sold shares of SHLS. Barclays PLC increased its stake in Shoals Technologies Group by 25.9% during the 3rd quarter. Barclays PLC now owns 291,242 shares of the company's stock valued at $1,634,000 after purchasing an additional 59,856 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its stake in shares of Shoals Technologies Group by 33.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company's stock valued at $826,000 after purchasing an additional 37,008 shares during the period. XTX Topco Ltd grew its position in shares of Shoals Technologies Group by 346.6% during the 3rd quarter. XTX Topco Ltd now owns 135,104 shares of the company's stock valued at $758,000 after acquiring an additional 104,850 shares during the period. Yaupon Capital Management LP purchased a new stake in shares of Shoals Technologies Group in the third quarter valued at approximately $8,585,000. Finally, Wellington Management Group LLP raised its position in Shoals Technologies Group by 14.6% during the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock worth $73,533,000 after acquiring an additional 1,666,691 shares during the period.

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.