Guggenheim Lowers Shoals Technologies Group (NASDAQ:SHLS) Price Target to $7.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price cut by analysts at Guggenheim from $8.00 to $7.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price objective indicates a potential upside of 44.93% from the company’s previous close.

Several other research analysts have also recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. UBS Group lowered their target price on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. TD Cowen raised their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Piper Sandler upped their price objective on Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, Truist Financial cut their target price 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. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.58.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $4.83 on Thursday. The firm’s 50-day moving average is $5.36 and its 200-day moving average is $6.06. The company has a market cap of $804.92 million, a price-to-earnings ratio of 24.15, a PEG ratio of 0.61 and a beta of 1.73. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. The company’s revenue was down 23.8% on a year-over-year basis. Equities research analysts anticipate that Shoals Technologies Group will post 0.28 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Brandon Moss acquired 22,300 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, for a total transaction 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 represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.67% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Several large investors have recently made changes to their positions in the company. ProShare Advisors LLC raised its holdings in Shoals Technologies Group by 6.3% during the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock worth $459,000 after purchasing an additional 2,427 shares during the last quarter. Blair William & Co. IL lifted its holdings in Shoals Technologies Group by 81.9% in the first quarter. Blair William & Co. IL now owns 37,909 shares of the company’s stock valued at $424,000 after buying an additional 17,064 shares during the period. Vanguard Group Inc. boosted its stake in Shoals Technologies Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after acquiring an additional 171,273 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Shoals Technologies Group by 8.4% during the 1st quarter. Lazard Asset Management LLC now owns 150,026 shares of the company’s stock worth $1,676,000 after acquiring an additional 11,671 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after acquiring an additional 1,857 shares during 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.