Shoals Technologies Group (NASDAQ:SHLS) Upgraded to "Overweight" at Morgan Stanley

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) was upgraded by investment analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a $7.00 price target on the stock. Morgan Stanley's target price would indicate a potential upside of 42.28% from the stock's current price.

Several other research firms have also recently weighed in on SHLS. Guggenheim lowered their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Thursday, November 21st. Bank of America started coverage on shares of Shoals Technologies Group in a report on Monday, November 25th. They issued a "buy" rating and a $6.00 target price on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $12.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Truist Financial decreased their price target on Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating for the company in a research report on Friday, September 6th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Three investment 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's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $10.64.

Shoals Technologies Group Price Performance

SHLS stock traded up $0.75 during midday trading on Tuesday, reaching $4.92. 8,736,085 shares of the company's stock traded hands, compared to its average volume of 4,973,843. Shoals Technologies Group has a 1-year low of $4.07 and a 1-year high of $17.50. The company has a 50-day simple moving average of $5.04 and a two-hundred day simple moving average of $5.72. The company has a market cap of $820.16 million, a price-to-earnings ratio of 24.60, a PEG ratio of 0.64 and a beta of 1.69. 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 issued its quarterly earnings results 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 return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same quarter in the prior year, the firm earned $0.16 EPS. The firm's quarterly revenue was down 23.8% compared to the same quarter last year. On average, analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Brandon Moss purchased 22,300 shares of the firm's stock in a transaction on Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now owns 593,700 shares in the company, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 6,460 shares of company stock worth $30,271. Corporate insiders own 1.67% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. FMR LLC lifted its position in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company's stock worth $33,000 after purchasing an additional 1,906 shares during the period. 1620 Investment Advisors Inc. acquired a new position in shares of Shoals Technologies Group during the second quarter valued at $54,000. TrinityPoint Wealth LLC acquired a new stake in shares of Shoals Technologies Group during the 3rd quarter worth approximately $60,000. Mackenzie Financial Corp bought a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at $64,000. Finally, American Trust bought a new position in Shoals Technologies Group during the second quarter worth about $68,000.

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.