Shoals Technologies Group (NASDAQ:SHLS) Given New $8.00 Price Target at The Goldman Sachs Group

Shoals Technologies Group (NASDAQ:SHLS) had its price objective cut by The Goldman Sachs Group from $9.00 to $8.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

SHLS has been the subject of a number of other research reports. Wells Fargo & Company began coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target for the company. Truist Financial dropped their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Piper Sandler lowered their price objective on 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. Guggenheim cut their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Finally, Morgan Stanley upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target for the company in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $10.03.

Shoals Technologies Group Trading Down 7.1 %

Shares of SHLS opened at $4.29 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The company has a market cap of $715.14 million, a price-to-earnings ratio of 21.45, a PEG ratio of 0.54 and a beta of 1.64. The stock has a fifty day moving average price of $5.06 and a two-hundred day moving average price of $5.50. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) 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 the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.16 earnings per share. Analysts predict that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss acquired 22,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was acquired at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold 6,460 shares of company stock valued at $30,271 over the last quarter. Corporate insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

A number of large investors have recently bought and sold shares of the company. Point72 Asset Management L.P. raised its holdings in shares of Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after purchasing an additional 5,622,207 shares during the last quarter. Erste Asset Management GmbH bought a new stake in Shoals Technologies Group during the 3rd quarter worth about $20,191,000. Millennium Management LLC lifted its position in Shoals Technologies Group by 262.8% during the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after buying an additional 2,442,227 shares in the last quarter. Verition Fund Management LLC grew its holdings in shares of Shoals Technologies Group by 938.3% in the 3rd quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock valued at $12,629,000 after acquiring an additional 2,034,291 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after acquiring an additional 1,666,691 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 (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.