Truist Financial Issues Pessimistic Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its target price dropped by analysts at Truist Financial from $8.00 to $7.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price target suggests a potential upside of 49.89% from the stock's previous close.

Several other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th. Guggenheim dropped their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Thursday, November 21st. Bank of America assumed coverage on Shoals Technologies Group in a research note on Monday, November 25th. They issued a "buy" rating and a $6.00 price objective for the company. Wells Fargo & Company initiated coverage on Shoals Technologies Group in a research report on Monday, October 14th. They set an "equal weight" rating and a $46.00 target price on the stock. Finally, Citigroup upgraded Shoals Technologies Group from a "sell" rating to a "neutral" rating and upped their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group has an average rating of "Hold" and a consensus target price of $10.60.

Shoals Technologies Group Stock Performance

SHLS stock traded up $0.13 on Thursday, hitting $4.67. The company had a trading volume of 6,401,404 shares, compared to its average volume of 7,336,866. The stock has a market cap of $778.49 million, a price-to-earnings ratio of 23.35, a P/E/G ratio of 0.67 and a beta of 1.64. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The stock's 50-day simple moving average is $5.14 and its 200 day simple moving average is $5.55. 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 data 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 firm had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. During the same period in the previous year, the firm earned $0.16 EPS. The business's revenue was down 23.8% on a year-over-year basis. As a group, equities research analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The shares were acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. The trade was a 3.90 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have sold 6,460 shares of company stock worth $30,271. Corporate insiders own 0.36% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in Shoals Technologies Group by 14.6% during 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 in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Shoals Technologies Group by 460.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company's stock worth $38,396,000 after buying an additional 5,622,207 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock valued at $24,836,000 after buying an additional 658,617 shares in the last quarter. Erste Asset Management GmbH bought a new position in shares of Shoals Technologies Group in the 3rd quarter valued at about $20,191,000. Finally, Millennium Management LLC grew its position in Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company's stock worth $21,039,000 after acquiring an additional 2,442,227 shares in the last quarter.

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.