Shoals Technologies Group (NASDAQ:SHLS) Earns Buy Rating from Analysts at Bank of America

Bank of America initiated coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research report report published on Monday, Marketbeat reports. The firm issued a buy rating and a $6.00 target price on the stock.

Other equities research analysts have also issued research reports about the stock. Roth Capital lowered shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Piper Sandler lowered their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Barclays lowered their price target on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday, November 13th. BNP Paribas downgraded Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Finally, Citigroup raised 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 note on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and a consensus price target of $11.31.

Shoals Technologies Group Price Performance

NASDAQ:SHLS opened at $5.26 on Monday. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week 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 cap of $876.84 million, a P/E ratio of 26.30, a PEG ratio of 0.73 and a beta of 1.73. The business’s 50-day moving average price is $5.31 and its 200 day moving average price is $6.00.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) 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 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 business earned $0.16 EPS. The company’s quarterly revenue was down 23.8% on a year-over-year basis. As a group, sell-side analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of the stock in a transaction on Thursday, November 21st. The shares were bought 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 in the company, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Shoals Technologies Group by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after acquiring an additional 171,273 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Shoals Technologies Group by 8.4% in the 1st quarter. Lazard Asset Management LLC now owns 150,026 shares of the company’s stock valued at $1,676,000 after purchasing an additional 11,671 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Shoals Technologies Group by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after buying an additional 1,857 shares during the period. Tidal Investments LLC acquired a new position in Shoals Technologies Group in the first quarter valued at about $446,000. Finally, Comerica Bank raised its stake in shares of Shoals Technologies Group by 2,823.0% in the 1st quarter. Comerica Bank now owns 89,209 shares of the company’s stock valued at $997,000 after acquiring an additional 86,157 shares during the period.

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.