Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Average Recommendation of “Hold” by Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have been assigned a consensus rating of “Hold” from the twenty-three ratings firms that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $10.64.

Several analysts recently issued reports on SHLS shares. Piper Sandler dropped their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Jefferies Financial Group started coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 target price for the company. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price target for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. Finally, TD Cowen raised their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock opened at $5.64 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The business has a 50 day simple moving average of $5.05 and a two-hundred day simple moving average of $5.61. The stock has a market capitalization of $940.18 million, a P/E ratio of 28.20, a PEG ratio of 0.64 and a beta of 1.69. Shoals Technologies Group has a 12 month low of $4.07 and a 12 month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter in the previous year, the business posted $0.16 EPS. The company’s revenue for the quarter was down 23.8% on a year-over-year basis. As a group, analysts predict that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insider Activity

In related news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction dated 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 completion of the purchase, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. The trade was 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. Over the last quarter, insiders sold 6,460 shares of company stock valued at $30,271. 1.67% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SHLS. Wellington Management Group LLP boosted its stake in shares of Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after buying an additional 1,666,691 shares during the period. Point72 Asset Management L.P. lifted its stake in Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after acquiring an additional 5,622,207 shares during the last quarter. Franklin Resources Inc. grew its holdings in Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after acquiring an additional 658,617 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at approximately $20,191,000. Finally, Millennium Management LLC raised its holdings in shares of Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after purchasing 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.