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

Shoals Technologies Group (NASDAQ:SHLS) had its price objective cut by JPMorgan Chase & Co. from $11.00 to $10.00 in a research note released on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts also recently issued reports on SHLS. Guggenheim cut their price objective on 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. Truist Financial reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Bank of America assumed coverage on shares of Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 target price for the company. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They set an “equal weight” rating and a $46.00 price target on the stock. Finally, Piper Sandler cut their price objective 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. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $9.93.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $4.67 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The stock has a market cap of $778.49 million, a PE ratio of 23.35, a P/E/G ratio of 0.50 and a beta of 1.64. Shoals Technologies Group has a 1 year low of $4.07 and a 1 year high of $17.50. The stock has a fifty day moving average price of $5.05 and a 200 day moving average price of $5.49.

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 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 firm had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same period last year, the firm earned $0.16 EPS. The company’s quarterly revenue was down 23.8% compared to the same quarter last year. Sell-side analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss bought 22,300 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were acquired at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the purchase, the chief executive officer now 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 filing with the SEC, which can be accessed through this link. Insiders sold 6,460 shares of company stock valued at $30,271 over the last 90 days. 1.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

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

About Shoals Technologies Group

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.