Shoals Technologies Group (NASDAQ:SHLS) Price Target Lowered to $7.00 at Truist Financial

Shoals Technologies Group (NASDAQ:SHLS) had its target price dropped by equities research analysts at Truist Financial from $8.00 to $7.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective points to a potential upside of 51.19% from the stock’s previous close.

A number of other equities analysts also recently issued reports on SHLS. Barclays reduced their price target on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 13th. Piper Sandler decreased their price target on 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. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. Morgan Stanley upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a report on Tuesday, December 17th. Finally, Guggenheim lowered their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Three research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $10.55.

Shoals Technologies Group Trading Down 0.9 %

Shares of NASDAQ SHLS opened at $4.63 on Thursday. Shoals Technologies Group has a 1-year low of $4.07 and a 1-year high of $17.50. The business has a fifty day moving average price of $5.10 and a 200 day moving average price of $5.53. The stock has a market capitalization of $771.82 million, a P/E ratio of 23.15, a price-to-earnings-growth ratio of 0.67 and a beta of 1.64. 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) last released its quarterly earnings results 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). The firm had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm’s quarterly revenue was down 23.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.16 earnings per share. Equities research analysts expect that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other news, CEO Brandon Moss acquired 22,300 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 6,460 shares of company stock valued at $30,271. 1.67% of the stock is owned by company insiders.

Institutional Trading of Shoals Technologies Group

A number of hedge funds have recently added to or reduced their stakes in SHLS. SG Americas Securities LLC purchased a new position in Shoals Technologies Group in the fourth quarter valued at $185,000. Empirical Asset Management LLC acquired a new stake in shares of Shoals Technologies Group during the 4th quarter valued at about $59,000. Oddo BHF Asset Management Sas purchased a new position in shares of Shoals Technologies Group in the 3rd quarter valued at about $692,000. Franklin Resources Inc. raised its holdings in Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after purchasing an additional 658,617 shares during the period. Finally, Barclays PLC boosted its position in Shoals Technologies Group by 25.9% during the third quarter. Barclays PLC now owns 291,242 shares of the company’s stock worth $1,634,000 after purchasing an additional 59,856 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.