Shoals Technologies Group (NASDAQ:SHLS) Given New $30.00 Price Target at Truist Financial

Shoals Technologies Group (NASDAQ:SHLS) had its target price reduced by Truist Financial from $35.00 to $30.00 in a research report released on Tuesday, MarketBeat Ratings reports. Truist Financial currently has a buy rating on the stock.

Several other equities research analysts have also commented on SHLS. Morgan Stanley decreased their target price on shares of Shoals Technologies Group from $28.00 to $22.00 and set an equal weight rating on the stock in a research report on Wednesday, September 6th. Cantor Fitzgerald upgraded shares of Shoals Technologies Group from a neutral rating to an overweight rating and boosted their target price for the stock from $27.00 to $28.00 in a research report on Tuesday, September 5th. JPMorgan Chase & Co. boosted their target price on shares of Shoals Technologies Group from $35.00 to $38.00 in a research report on Wednesday, July 19th. Oppenheimer restated an outperform rating and set a $42.00 target price on shares of Shoals Technologies Group in a research report on Wednesday, August 2nd. Finally, Barclays lifted their price target on Shoals Technologies Group from $19.00 to $20.00 and gave the stock an underweight rating in a research note on Friday, August 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $30.54.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $22.09 on Tuesday. The firm’s fifty day moving average price is $22.75 and its 200 day moving average price is $22.91. Shoals Technologies Group has a 1-year low of $17.32 and a 1-year high of $32.43. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.59 and a quick ratio of 1.71. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 22.48 and a beta of 2.11.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. The firm had revenue of $119.21 million for the quarter, compared to analyst estimates of $111.94 million. Shoals Technologies Group had a net margin of 37.53% and a return on equity of 21.69%. On average, sell-side analysts expect that Shoals Technologies Group will post 0.51 EPS for the current year.

Insider Activity at Shoals Technologies Group

In other news, General Counsel Mehgan Peetz sold 7,279 shares of the company’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $24.78, for a total transaction of $180,373.62. Following the completion of the transaction, the general counsel now owns 83,375 shares of the company’s stock, valued at approximately $2,066,032.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.67% of the stock is currently owned by corporate insiders.

Institutional Trading of Shoals Technologies Group

A number of institutional investors have recently modified their holdings of SHLS. IFP Advisors Inc grew its holdings in shares of Shoals Technologies Group by 73.5% during the 2nd quarter. IFP Advisors Inc now owns 1,223 shares of the company’s stock worth $31,000 after purchasing an additional 518 shares during the period. TFC Financial Management Inc. grew its holdings in shares of Shoals Technologies Group by 511.6% during the 4th quarter. TFC Financial Management Inc. now owns 1,315 shares of the company’s stock worth $32,000 after purchasing an additional 1,100 shares during the period. MetLife Investment Management LLC purchased a new stake in shares of Shoals Technologies Group during the 1st quarter worth about $36,000. Toroso Investments LLC purchased a new stake in shares of Shoals Technologies Group during the 3rd quarter worth about $44,000. Finally, Captrust Financial Advisors grew its holdings in shares of Shoals Technologies Group by 89.8% during the 1st quarter. Captrust Financial Advisors now owns 3,162 shares of the company’s stock worth $54,000 after purchasing an additional 1,496 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 charging applications in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, and wire management solutions.