Shoals Technologies Group (NASDAQ:SHLS) Rating Increased to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Shoals Technologies Group (NASDAQ:SHLS) from an equal weight rating to an overweight rating in a report issued on Tuesday morning, Marketbeat.com reports. They currently have $7.00 price objective on the stock.

SHLS has been the subject of several other reports. Guggenheim reduced their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Roth Mkm decreased their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Piper Sandler reduced their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Finally, Truist Financial lowered their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.64.

Shoals Technologies Group Trading Up 18.0 %

Shares of NASDAQ SHLS opened at $4.92 on Tuesday. Shoals Technologies Group has a 12-month low of $4.07 and a 12-month high of $17.50. The company has a market cap of $820.16 million, a price-to-earnings ratio of 24.60, a price-to-earnings-growth 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. The stock’s 50 day simple moving average is $5.04 and its 200 day simple moving average is $5.72.

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

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of the stock in a transaction dated Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares in the company, 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 this link. Insiders sold 6,460 shares of company stock worth $30,271 in the last three months. Corporate insiders own 0.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SHLS. FMR LLC increased its stake in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group in the second quarter worth about $54,000. Mackenzie Financial Corp bought a new position in shares of Shoals Technologies Group during the second quarter valued at approximately $64,000. TrinityPoint Wealth LLC purchased a new position in shares of Shoals Technologies Group during the third quarter valued at approximately $60,000. Finally, American Trust purchased a new position in shares of Shoals Technologies Group during the second quarter valued at approximately $68,000.

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 (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.