Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) have received an average recommendation of “Hold” from the twenty-three ratings firms that are presently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $11.31.

SHLS has been the topic of a number of recent research reports. UBS Group decreased their price target on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Wells Fargo & Company began coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price objective on the stock. Jefferies Financial Group began coverage on shares of Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a research report on Friday, September 6th. Finally, Piper Sandler cut their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of the business’s stock in a transaction on 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 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 position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SHLS. FMR LLC boosted its holdings in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at about $54,000. Mackenzie Financial Corp bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at about $64,000. TrinityPoint Wealth LLC bought a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at about $60,000. Finally, American Trust bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at about $68,000.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $5.26 on Thursday. The company has a market cap of $876.84 million, a price-to-earnings ratio of 26.30, a PEG ratio of 0.73 and a beta of 1.73. The firm’s fifty day moving average is $5.31 and its 200 day moving average is $6.00. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. 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 released its quarterly 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). The business had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue for the quarter was down 23.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.16 EPS. Sell-side analysts forecast 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.