Shoals Technologies Group (NASDAQ:SHLS) Coverage Initiated at Bank of America

Bank of America began coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research note issued to investors on Monday, MarketBeat Ratings reports. The firm issued a buy rating and a $6.00 target price on the stock.

Several other research analysts have also commented on the company. Piper Sandler cut their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Truist Financial dropped their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. Oppenheimer dropped their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, UBS Group reduced their target price on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.31.

Shoals Technologies Group Stock Performance

Shoals Technologies Group stock opened at $5.26 on Monday. The company has a market cap of $876.84 million, a price-to-earnings ratio of 26.30, a price-to-earnings-growth ratio of 0.73 and a beta of 1.73. Shoals Technologies Group has a 12 month low of $4.07 and a 12 month high of $17.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The stock’s 50-day moving average is $5.29 and its 200-day moving average is $5.99.

Shoals Technologies Group (NASDAQ:SHLS) last announced 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). 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 for the quarter, compared to analyst estimates of $98.86 million. During the same period last year, the firm earned $0.16 earnings per share. The company’s quarterly revenue was down 23.8% on a year-over-year basis. Equities analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the transaction, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.67% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently bought and sold shares of SHLS. M&G Plc bought a new position in Shoals Technologies Group during the second quarter valued at about $7,021,000. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in Shoals Technologies Group by 104.1% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock worth $846,000 after buying an additional 69,193 shares during the last quarter. Swedbank AB bought a new position in shares of Shoals Technologies Group in the first quarter valued at $25,268,000. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Shoals Technologies Group by 146.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after purchasing an additional 93,400 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Shoals Technologies Group by 34.2% in the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after buying an additional 690,344 shares during the period.

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.