Analysts Set Shoals Technologies Group, Inc. (NASDAQ:SHLS) Target Price at $8.95

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have earned a consensus rating of “Hold” from the twenty-three ratings firms that are currently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $8.87.

Several brokerages recently weighed in on SHLS. Bank of America began coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 price target for the company. Oppenheimer reduced their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. Guggenheim reduced 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 research report on Thursday, November 21st. Royal Bank of Canada reduced their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Finally, Barclays reduced their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the transaction, the chief executive officer now owns 1,051,303 shares in the company, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold 40,575 shares of company stock worth $123,957 in the last 90 days. 1.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Shoals Technologies Group by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock valued at $94,915,000 after buying an additional 576,736 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Shoals Technologies Group by 8.6% during the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock valued at $78,710,000 after buying an additional 1,125,938 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after buying an additional 5,622,207 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Shoals Technologies Group by 20.7% during the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after buying an additional 1,098,577 shares in the last quarter. Finally, Encompass Capital Advisors LLC lifted its stake in shares of Shoals Technologies Group by 14.5% during the 4th quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company’s stock valued at $29,919,000 after buying an additional 683,642 shares in the last quarter.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $3.26 on Friday. Shoals Technologies Group has a fifty-two week low of $2.71 and a fifty-two week high of $12.98. The company has a 50 day simple moving average of $4.30 and a two-hundred day simple moving average of $4.97. The company has a market capitalization of $543.44 million, a price-to-earnings ratio of 16.30, a P/E/G ratio of 0.52 and a beta of 1.69. 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 (NASDAQ:SHLS) last announced its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. During the same period in the prior year, the business posted $0.12 EPS. Shoals Technologies Group’s revenue for the quarter was down 17.9% on a year-over-year basis. Analysts expect that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

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.