Truist Financial Lowers Shoals Technologies Group (NASDAQ:SHLS) Price Target to $23.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price dropped by Truist Financial from $25.00 to $23.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 71.39% from the company’s current price.

Several other research analysts have also weighed in on the company. Northland Securities lowered Shoals Technologies Group from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $26.00 to $18.00 in a research report on Thursday, October 5th. Barclays boosted 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. BNP Paribas initiated coverage on Shoals Technologies Group in a research note on Friday, October 20th. They issued an “outperform” rating and a $33.00 price target on the stock. JPMorgan Chase & Co. cut their price target on Shoals Technologies Group from $38.00 to $32.00 and set an “overweight” rating on the stock in a research note on Thursday, October 19th. Finally, Morgan Stanley cut their price target on Shoals Technologies Group from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $28.07.

Shoals Technologies Group Price Performance

SHLS stock opened at $13.42 on Thursday. Shoals Technologies Group has a 52-week low of $12.11 and a 52-week high of $32.43. The stock’s fifty day simple moving average is $17.49 and its 200-day simple moving average is $21.24. The company has a quick ratio of 1.71, a current ratio of 2.54 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 15.79 and a beta of 2.11.

Insiders Place Their Bets

In other Shoals Technologies Group news, General Counsel Mehgan Peetz sold 1,990 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $21.58, for a total value of $42,944.20. Following the completion of the sale, the general counsel now directly owns 81,385 shares in the company, valued at $1,756,288.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, General Counsel Mehgan Peetz sold 1,990 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $21.58, for a total transaction of $42,944.20. Following the completion of the sale, the general counsel now owns 81,385 shares in the company, valued at approximately $1,756,288.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jeffery Tolnar sold 1,975 shares of the stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $21.66, for a total value of $42,778.50. Following the sale, the president now owns 62,654 shares of the company’s stock, valued at approximately $1,357,085.64. The disclosure for this sale can be found here. 1.67% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Shoals Technologies Group by 17.5% in the second quarter. BlackRock Inc. now owns 19,146,223 shares of the company’s stock worth $489,377,000 after acquiring an additional 2,858,043 shares during the last quarter. Clearbridge Investments LLC increased its position in Shoals Technologies Group by 13.9% during the second quarter. Clearbridge Investments LLC now owns 8,521,358 shares of the company’s stock worth $217,806,000 after buying an additional 1,037,494 shares during the last quarter. Invesco Ltd. increased its position in Shoals Technologies Group by 0.8% during the first quarter. Invesco Ltd. now owns 7,063,711 shares of the company’s stock worth $120,365,000 after buying an additional 55,184 shares during the last quarter. Wellington Management Group LLP increased its position in Shoals Technologies Group by 160.7% during the first quarter. Wellington Management Group LLP now owns 5,942,954 shares of the company’s stock worth $135,440,000 after buying an additional 3,663,343 shares during the last quarter. Finally, William Blair Investment Management LLC increased its position in Shoals Technologies Group by 25.1% during the third quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock worth $108,310,000 after buying an additional 1,190,411 shares during the last quarter.

About Shoals Technologies Group

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.