Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Average Rating of “Moderate Buy” from Brokerages

Shoals Technologies Group, Inc. (NASDAQ:SHLS) has been given an average rating of “Moderate Buy” by the fourteen analysts that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $28.07.

SHLS has been the topic of a number of research reports. Truist Financial dropped their price objective on shares of Shoals Technologies Group from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, November 9th. Barclays lifted their price target on shares of Shoals Technologies Group from $19.00 to $20.00 and gave the company an “underweight” rating in a report on Friday, August 4th. BNP Paribas initiated coverage on shares of Shoals Technologies Group in a report on Friday, October 20th. They set an “outperform” rating and a $33.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $28.00 price target on shares of Shoals Technologies Group in a report on Wednesday, November 8th. Finally, The Goldman Sachs Group raised shares of Shoals Technologies Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $27.00 to $28.00 in a report on Wednesday, October 11th.

Insider Buying and Selling

In related news, President Jeffery Tolnar sold 1,975 shares of the business’s 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 in the company, valued at $1,357,085.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, President Jeffery Tolnar sold 1,975 shares of the business’s 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 in the company, valued at $1,357,085.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Mehgan Peetz sold 1,990 shares of the business’s 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 disclosure for this sale can be found here. 1.67% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SHLS. IFP Advisors Inc boosted its stake in shares of 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 $38,000 after purchasing an additional 518 shares during the period. Citigroup Inc. boosted its stake in shares of Shoals Technologies Group by 1.9% during the first quarter. Citigroup Inc. now owns 27,663 shares of the company’s stock valued at $630,000 after purchasing an additional 526 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Shoals Technologies Group by 9.1% during the second quarter. PNC Financial Services Group Inc. now owns 6,810 shares of the company’s stock valued at $174,000 after purchasing an additional 568 shares during the period. Hussman Strategic Advisors Inc. boosted its stake in shares of Shoals Technologies Group by 0.6% during the second quarter. Hussman Strategic Advisors Inc. now owns 93,600 shares of the company’s stock valued at $2,392,000 after purchasing an additional 600 shares during the period. Finally, LPL Financial LLC boosted its stake in shares of Shoals Technologies Group by 3.9% during the second quarter. LPL Financial LLC now owns 17,312 shares of the company’s stock valued at $442,000 after purchasing an additional 651 shares during the period.

Shoals Technologies Group Stock Performance

SHLS opened at $14.85 on Friday. The company has a current ratio of 2.54, a quick ratio of 1.82 and a debt-to-equity ratio of 0.36. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 17.47 and a beta of 2.11. The company’s 50 day moving average is $16.94 and its 200 day moving average is $21.05. Shoals Technologies Group has a 12-month low of $12.11 and a 12-month high of $32.43.

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.