The Goldman Sachs Group Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $9.00

Shoals Technologies Group (NASDAQ:SHLS) had its price objective trimmed by The Goldman Sachs Group from $10.00 to $9.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also issued reports on SHLS. Roth Mkm lowered their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a research report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Bank of America began coverage on shares of Shoals Technologies Group in a report on Monday, November 25th. They issued a “buy” rating and a $6.00 price target on the stock. Finally, Wells Fargo & Company began coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and a consensus target price of $10.64.

Shoals Technologies Group Stock Down 2.6 %

SHLS stock opened at $4.54 on Tuesday. The stock has a market capitalization of $756.81 million, a price-to-earnings ratio of 22.70, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. The company has a 50-day moving average of $5.01 and a two-hundred day moving average of $5.70. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week high of $17.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $98.86 million. During the same quarter last year, the firm earned $0.16 earnings per share. The firm’s quarterly revenue was down 23.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the acquisition, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents a 3.90 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders sold 6,460 shares of company stock worth $30,271. 0.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oddo BHF Asset Management Sas acquired a new stake in shares of Shoals Technologies Group in the third quarter valued at approximately $692,000. Franklin Resources Inc. increased its stake in shares of Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock valued at $24,836,000 after buying an additional 658,617 shares during the period. Barclays PLC raised its position in shares of Shoals Technologies Group by 25.9% during the third quarter. Barclays PLC now owns 291,242 shares of the company’s stock worth $1,634,000 after acquiring an additional 59,856 shares during the last quarter. Y Intercept Hong Kong Ltd raised its position in shares of Shoals Technologies Group by 33.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock worth $826,000 after acquiring an additional 37,008 shares during the last quarter. Finally, XTX Topco Ltd lifted its stake in shares of Shoals Technologies Group by 346.6% during the third quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock valued at $758,000 after acquiring an additional 104,850 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.