Shoals Technologies Group (NASDAQ:SHLS) Given New $9.00 Price Target at The Goldman Sachs Group

Shoals Technologies Group (NASDAQ:SHLS) had its price objective lowered by The Goldman Sachs Group from $10.00 to $9.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts also recently weighed in on the stock. Jefferies Financial Group began coverage on shares of Shoals Technologies Group in a research report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price target on the stock. Morgan Stanley upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a report on Tuesday. 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 report on Thursday, October 3rd. Barclays lowered their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 13th. Finally, TD Cowen lifted their target price on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Hold” and an average price target of $10.64.

Shoals Technologies Group Price Performance

SHLS opened at $4.54 on Tuesday. The company has a fifty day moving average price of $5.01 and a two-hundred day moving average price of $5.70. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The firm has a market capitalization of $756.81 million, a PE ratio of 22.70, a P/E/G ratio of 0.64 and a beta of 1.69. 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 announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same period last year, the firm earned $0.16 earnings per share. The firm’s revenue for the quarter was down 23.8% on a year-over-year basis. As a group, analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 6,460 shares of company stock worth $30,271 over the last ninety days. Insiders own 0.36% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

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