The Goldman Sachs Group Issues Pessimistic Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its target price decreased by equities research analysts at The Goldman Sachs Group from $10.00 to $9.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. The Goldman Sachs Group's price target suggests a potential upside of 82.93% from the stock's previous close.

A number of other equities research analysts also recently weighed in on SHLS. Truist Financial lowered their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating on the stock in a research note on Friday, September 6th. Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group in a report on Wednesday, September 4th. They issued a "hold" rating and a $5.00 price target on the stock. Piper Sandler reduced their price target on Shoals Technologies Group from $10.00 to $8.00 and set an "overweight" rating on the stock in a research note on Friday, November 22nd. Wells Fargo & Company initiated coverage on Shoals Technologies Group in a research note on Monday, October 14th. They set an "equal weight" rating and a $46.00 price objective for the company. Finally, Barclays dropped their price objective on Shoals Technologies Group from $7.00 to $5.00 and set an "equal weight" rating on the stock in a research report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $10.64.

Shoals Technologies Group Trading Up 18.0 %

SHLS traded up $0.75 during trading on Tuesday, hitting $4.92. The company's stock had a trading volume of 8,736,085 shares, compared to its average volume of 4,973,843. The firm has a market capitalization of $820.16 million, a P/E ratio of 24.60, a PEG ratio of 0.64 and a beta of 1.69. The stock's fifty day moving average price is $5.04 and its 200-day moving average price is $5.72. 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 $4.07 and a twelve month high of $17.50.

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). The company had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business's revenue was down 23.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 EPS. Analysts anticipate 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 bought 22,300 shares of the company's stock in a transaction on Thursday, November 21st. The shares were acquired at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares of the company's stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 6,460 shares of company stock worth $30,271. 1.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors have recently bought and sold shares of the business. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in Shoals Technologies Group by 104.1% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company's stock valued at $846,000 after buying an additional 69,193 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of Shoals Technologies Group by 146.9% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company's stock worth $980,000 after acquiring an additional 93,400 shares in the last quarter. Point72 Europe London LLP purchased a new position in shares of Shoals Technologies Group in the 3rd quarter valued at about $1,461,000. Wellington Management Group LLP grew its holdings in Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock valued at $73,533,000 after purchasing an additional 1,666,691 shares during the period. Finally, Handelsbanken Fonder AB increased its holdings in Shoals Technologies Group by 34.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company's stock worth $15,212,000 after acquiring an additional 690,344 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.