Cantor Fitzgerald Reaffirms “Overweight” Rating for Shoals Technologies Group (NASDAQ:SHLS)

Cantor Fitzgerald restated their overweight rating on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research report sent to investors on Wednesday, Benzinga reports. Cantor Fitzgerald currently has a $28.00 price objective on the stock. Cantor Fitzgerald also issued estimates for Shoals Technologies Group’s FY2023 earnings at $0.58 EPS and FY2024 earnings at $0.77 EPS.

A number of other equities analysts also recently weighed in on SHLS. Citigroup lowered their target price on shares of Shoals Technologies Group from $34.00 to $26.00 and set a buy rating for the company in a research note on Wednesday, October 18th. Oppenheimer restated an outperform rating and issued a $42.00 price target on shares of Shoals Technologies Group in a report on Wednesday, August 2nd. Piper Sandler upgraded shares of Shoals Technologies Group from a neutral rating to an overweight rating and set a $28.00 price target for the company in a report on Friday, October 6th. Barclays raised their price target on shares of Shoals Technologies Group from $19.00 to $20.00 and gave the stock an underweight rating in a report on Friday, August 4th. Finally, Morgan Stanley reduced their price target on shares of Shoals Technologies Group from $22.00 to $21.00 and set an equal weight rating for the company in a report on Tuesday, October 17th. One 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $28.07.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $13.42 on Wednesday. Shoals Technologies Group has a twelve month low of $12.11 and a twelve month high of $32.43. The firm has a fifty day simple moving average of $17.49 and a 200 day simple moving average of $21.24. The company has a market capitalization of $2.28 billion, a PE ratio of 15.79 and a beta of 2.11. The company has a quick ratio of 1.71, a current ratio of 2.54 and a debt-to-equity ratio of 0.36.

Insider Activity at Shoals Technologies Group

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

Institutional Trading of Shoals Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of SHLS. Assetmark Inc. raised its position in shares of Shoals Technologies Group by 92.7% in the third quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after purchasing an additional 765 shares during the period. IFP Advisors Inc grew its stake in Shoals Technologies Group by 73.5% during the second quarter. IFP Advisors Inc now owns 1,223 shares of the company’s stock valued at $31,000 after acquiring an additional 518 shares in the last quarter. MetLife Investment Management LLC purchased a new position in Shoals Technologies Group during the first quarter valued at approximately $36,000. Toroso Investments LLC purchased a new position in Shoals Technologies Group during the third quarter valued at approximately $44,000. Finally, TFC Financial Management Inc. grew its stake in Shoals Technologies Group by 56.8% during the first quarter. TFC Financial Management Inc. now owns 2,062 shares of the company’s stock valued at $47,000 after acquiring an additional 747 shares in the last quarter.

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.