Shoals Technologies Group (NASDAQ:SHLS) Price Target Raised to $7.00

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its target price boosted by investment analysts at Mizuho from $6.00 to $7.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Mizuho's price objective indicates a potential upside of 43.74% from the stock's previous close.

A number of other equities research analysts have also recently commented on SHLS. Royal Bank of Canada lowered their target price on Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. Wolfe Research assumed coverage on Shoals Technologies Group in a report on Tuesday, February 18th. They set a "peer perform" rating on the stock. BNP Paribas reiterated an "underperform" rating and set a $4.00 target price (down previously from $4.50) on shares of Shoals Technologies Group in a report on Thursday, May 15th. Jefferies Financial Group lowered their target price on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a report on Wednesday, March 12th. Finally, UBS Group lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $8.45.

Shoals Technologies Group Stock Up 6.8%

SHLS traded up $0.31 on Monday, hitting $4.87. 5,548,214 shares of the company were exchanged, compared to its average volume of 5,976,672. The firm has a 50-day moving average price of $3.99 and a two-hundred day moving average price of $4.31. The company has a market cap of $814.14 million, a price-to-earnings ratio of 24.35, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52. Shoals Technologies Group has a twelve month low of $2.71 and a twelve month high of $7.96. 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 (NASDAQ:SHLS - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). The firm had revenue of $80.36 million during the quarter, compared to analyst estimates of $74.66 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm's revenue for the quarter was down 11.2% compared to the same quarter last year. During the same period last year, the company earned $0.07 earnings per share. On average, equities analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Brandon Moss sold 21,700 shares of the business's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the sale, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at $3,227,500.21. The trade was a 2.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is currently owned by corporate insiders.

Institutional Trading of Shoals Technologies Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC bought a new position in shares of Shoals Technologies Group during the fourth quarter valued at approximately $185,000. Stratos Wealth Partners LTD. acquired a new stake in Shoals Technologies Group in the fourth quarter worth approximately $110,000. Cidel Asset Management Inc. acquired a new stake in shares of Shoals Technologies Group during the 4th quarter valued at $326,000. RWC Asset Management LLP acquired a new stake in shares of Shoals Technologies Group during the 4th quarter valued at $1,891,000. Finally, Impax Asset Management Group plc lifted its position in shares of Shoals Technologies Group by 126.3% during the 4th quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company's stock valued at $19,083,000 after acquiring an additional 1,935,983 shares during the last quarter.

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.