Shoals Technologies Group (NASDAQ:SHLS) Given New $9.00 Price Target at The Goldman Sachs Group

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

Several other brokerages also recently commented on SHLS. JPMorgan Chase & Co. lowered their target price on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Guggenheim lowered their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Finally, TD Cowen increased their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and an average price target of $10.64.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $4.92 on Tuesday. The company has a market capitalization of $820.16 million, a price-to-earnings ratio of 24.60, a PEG ratio of 0.64 and a beta of 1.69. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 12 month low of $4.07 and a 12 month high of $17.50. The stock’s 50 day moving average is $5.04 and its 200-day moving average is $5.72.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The business had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm’s quarterly revenue was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 earnings per share. Equities research analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. The trade was a 3.90 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 6,460 shares of company stock worth $30,271. Insiders own 0.36% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. FMR LLC lifted its position in shares of Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares during the last quarter. 1620 Investment Advisors Inc. bought a new stake in Shoals Technologies Group during the 2nd quarter valued at about $54,000. TrinityPoint Wealth LLC purchased a new stake in Shoals Technologies Group in the 3rd quarter valued at about $60,000. Mackenzie Financial Corp bought a new position in Shoals Technologies Group in the 2nd quarter worth about $64,000. Finally, American Trust purchased a new position in shares of Shoals Technologies Group during the second quarter worth approximately $68,000.

About Shoals Technologies Group

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.