Shoals Technologies Group (NASDAQ:SHLS) Given New $8.00 Price Target at The Goldman Sachs Group

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its price objective lowered by research analysts at The Goldman Sachs Group from $9.00 to $8.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. The Goldman Sachs Group's price target suggests a potential upside of 86.48% from the stock's previous close.

A number of other analysts also recently commented on SHLS. Piper Sandler dropped their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an "overweight" rating on the stock in a research report on Friday, November 22nd. Citigroup raised Shoals Technologies Group from a "sell" rating to a "neutral" rating and boosted their target price for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. Truist Financial decreased their price target 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. Morgan Stanley raised Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price objective on the stock in a research note on Tuesday, December 17th. Finally, Barclays decreased their target price on Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating for the company in a research note on Friday, January 17th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $10.03.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS traded down $0.33 during midday trading on Wednesday, hitting $4.29. 5,912,256 shares of the company's stock were exchanged, compared to its average volume of 7,308,213. Shoals Technologies Group has a twelve month low of $4.07 and a twelve month high of $17.50. The firm has a market cap of $715.14 million, a P/E ratio of 21.45, a PEG ratio of 0.54 and a beta of 1.64. The stock's 50 day moving average price is $5.06 and its 200-day moving average price is $5.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced 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 business 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 posted $0.16 EPS. Equities research analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Brandon Moss bought 22,300 shares of the business's 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 transaction, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety 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

Several institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC boosted its position in Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company's stock valued at $33,000 after purchasing an additional 1,906 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company's stock worth $739,000 after purchasing an additional 2,517 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Shoals Technologies Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company's stock valued at $637,000 after buying an additional 3,699 shares during the last quarter. Point72 DIFC Ltd grew its stake in shares of Shoals Technologies Group by 12.8% in the 2nd quarter. Point72 DIFC Ltd now owns 54,650 shares of the company's stock valued at $341,000 after buying an additional 6,206 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Shoals Technologies Group by 2.3% in the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company's stock worth $1,653,000 after buying an additional 6,503 shares during 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.