Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Average Rating of "Hold" by Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) have been given an average rating of "Hold" by the twenty-three ratings firms that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $8.87.

Several research analysts recently commented on the company. Truist Financial reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Thursday, January 16th. The Goldman Sachs Group decreased their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. JPMorgan Chase & Co. dropped their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating for the company in a research note on Thursday, January 23rd. Barclays decreased 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 research note on Friday, January 17th. Finally, UBS Group cut their price target on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a report on Wednesday, February 26th.

Shoals Technologies Group Price Performance

SHLS traded up $0.09 during midday trading on Friday, hitting $3.73. 5,465,274 shares of the company traded hands, compared to its average volume of 5,778,371. The business has a 50 day simple moving average of $3.38 and a two-hundred day simple moving average of $4.42. Shoals Technologies Group has a 52-week low of $2.71 and a 52-week high of $9.17. The company has a market capitalization of $622.89 million, a price-to-earnings ratio of 18.65, a PEG ratio of 0.52 and a beta of 1.54. 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 issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $107.00 million during the quarter, compared to analysts' expectations of $102.16 million. During the same period in the prior year, the business posted $0.12 earnings per share. The company's quarterly revenue was down 17.9% compared to the same quarter last year. On average, equities analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Brandon Moss sold 21,700 shares of the business's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the transaction, the chief executive officer now owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. The trade was a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is currently owned by corporate insiders.

Institutional Trading of Shoals Technologies Group

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Shoals Technologies Group by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock worth $94,915,000 after acquiring an additional 576,736 shares in the last quarter. Wellington Management Group LLP raised its holdings in Shoals Technologies Group by 8.6% during the fourth quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock worth $78,710,000 after purchasing an additional 1,125,938 shares in the last quarter. Invesco Ltd. raised its holdings in Shoals Technologies Group by 20.7% during the fourth quarter. Invesco Ltd. now owns 6,415,911 shares of the company's stock worth $35,480,000 after purchasing an additional 1,098,577 shares in the last quarter. Encompass Capital Advisors LLC lifted its position in shares of Shoals Technologies Group by 14.5% during the 4th quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company's stock worth $29,919,000 after buying an additional 683,642 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock valued at $24,836,000 after buying an additional 658,617 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.