Shoals Technologies Group (NASDAQ:SHLS - Free Report) had its price objective cut by JPMorgan Chase & Co. from $11.00 to $10.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.
Several other research firms have also recently commented on SHLS. Guggenheim reduced 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 Thursday, November 21st. Barclays reduced their target price on Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating for the company in a report on Friday, January 17th. Morgan Stanley raised shares of Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price target on the stock in a research note on Tuesday, December 17th. Wells Fargo & Company started coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They issued an "equal weight" rating and a $46.00 price objective for the company. Finally, Citigroup upgraded shares of 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. Three analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Shoals Technologies Group currently has an average rating of "Hold" and an average target price of $9.58.
Check Out Our Latest Report on SHLS
Shoals Technologies Group Stock Performance
NASDAQ:SHLS traded up $0.06 during midday trading on Thursday, reaching $4.73. The stock had a trading volume of 5,723,813 shares, compared to its average volume of 7,298,501. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The stock has a market cap of $788.49 million, a P/E ratio of 23.65, a P/E/G ratio of 0.50 and a beta of 1.64. The firm has a fifty day simple moving average of $5.05 and a two-hundred day simple moving average of $5.48. Shoals Technologies Group has a 12-month low of $4.07 and a 12-month high of $17.50.
Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company's revenue was down 23.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.16 earnings per share. On average, equities analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.
Insiders Place Their Bets
In other Shoals Technologies Group news, CEO Brandon Moss purchased 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 acquisition, the chief executive officer now directly owns 593,700 shares of the company's stock, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders sold 6,460 shares of company stock valued at $30,271. Company insiders own 1.67% of the company's stock.
Institutional Investors Weigh In On Shoals Technologies Group
Hedge funds have recently modified their holdings of the stock. FMR LLC lifted its stake 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 valued at $33,000 after purchasing an additional 1,906 shares in the last quarter. Mackenzie Financial Corp purchased a new position in Shoals Technologies Group in the second quarter valued at approximately $64,000. Empirical Asset Management LLC acquired a new position in Shoals Technologies Group during the fourth quarter valued at approximately $59,000. TrinityPoint Wealth LLC purchased a new position in Shoals Technologies Group in the third quarter valued at about $60,000. Finally, American Trust bought a new position in Shoals Technologies Group during the 2nd quarter valued at $68,000.
Shoals Technologies Group Company Profile
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Get Free Report)
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.
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