Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $4.00 by Analysts at Barclays

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its price objective lowered by analysts at Barclays from $5.00 to $4.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Barclays's price target would indicate a potential downside of 12.57% from the company's previous close.

A number of other research analysts have also issued reports on the company. Citigroup upgraded Shoals Technologies Group from a "sell" rating to a "neutral" rating and increased their target price for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. Wells Fargo & Company began coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They issued an "equal weight" rating and a $46.00 target price on the stock. Bank of America began coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They set a "buy" rating and a $6.00 price target for the company. Piper Sandler lowered their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an "overweight" rating on the stock in a report on Friday, November 22nd. Finally, 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. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $10.55.

Shoals Technologies Group Stock Performance

Shares of NASDAQ:SHLS traded down $0.10 during trading on Friday, hitting $4.58. 2,965,236 shares of the stock traded hands, compared to its average volume of 6,923,887. The company has a fifty day moving average price of $5.12 and a two-hundred day moving average price of $5.54. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week high of $17.50. The company has a market cap of $762.65 million, a price-to-earnings ratio of 22.88, a P/E/G ratio of 0.67 and a beta of 1.64. 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 (NASDAQ:SHLS - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group's revenue was down 23.8% on a year-over-year basis. During the same quarter last year, the business earned $0.16 earnings per share. As a group, equities analysts predict that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss acquired 22,300 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, with a total value of $101,465.00. Following the transaction, the chief executive officer now owns 593,700 shares of the company's stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In the last ninety days, insiders sold 6,460 shares of company stock worth $30,271. 0.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Shoals Technologies Group by 146.9% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company's stock valued at $980,000 after buying an additional 93,400 shares during the period. Wellington Management Group LLP grew its position in Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock valued at $73,533,000 after acquiring an additional 1,666,691 shares in the last quarter. Point72 Europe London LLP purchased a new stake in Shoals Technologies Group during the third quarter worth about $1,461,000. Handelsbanken Fonder AB lifted its position in shares of Shoals Technologies Group by 34.2% during the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company's stock worth $15,212,000 after purchasing an additional 690,344 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new position in shares of Shoals Technologies Group in the third quarter valued at approximately $20,191,000.

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.