Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $10.00 by Analysts at JPMorgan Chase & Co.

Shoals Technologies Group (NASDAQ:SHLS) had its target price trimmed by JPMorgan Chase & Co. from $11.00 to $10.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also weighed in on SHLS. Barclays reduced their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. The Goldman Sachs Group lowered their target price on shares of Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday. Guggenheim decreased their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Piper Sandler dropped their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Finally, Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a research note on Tuesday, December 17th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Shoals Technologies Group has an average rating of “Hold” and an average target price of $9.93.

Shoals Technologies Group Trading Up 8.9 %

Shares of NASDAQ:SHLS opened at $4.67 on Thursday. Shoals Technologies Group has a 12-month low of $4.07 and a 12-month high of $17.50. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $778.49 million, a P/E ratio of 23.35, a price-to-earnings-growth ratio of 0.50 and a beta of 1.64. The firm has a fifty day moving average of $5.05 and a two-hundred day moving average of $5.49.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results 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 business had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. During the same period in the prior year, the firm earned $0.16 earnings per share. The business’s revenue was down 23.8% on a year-over-year basis. On average, equities analysts expect that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction dated Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the transaction, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold a total of 6,460 shares of company stock valued at $30,271 in the last 90 days. 1.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SHLS. Wellington Management Group LLP raised its position in shares of 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 worth $73,533,000 after acquiring an additional 1,666,691 shares during the last quarter. Point72 Europe London LLP bought a new stake in shares of Shoals Technologies Group during the third quarter worth approximately $1,461,000. Handelsbanken Fonder AB lifted its holdings in Shoals Technologies Group by 34.2% in the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after buying an additional 690,344 shares during the period. Erste Asset Management GmbH acquired a new stake in Shoals Technologies Group during the 3rd quarter worth $20,191,000. Finally, Roubaix Capital LLC bought a new stake in shares of Shoals Technologies Group during the 3rd quarter valued at $2,156,000.

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.