Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives $8.87 Consensus Price Target from Analysts

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) have earned an average recommendation of "Hold" from the twenty-three brokerages that are covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $8.87.

Several analysts recently issued reports on the stock. Royal Bank of Canada reduced their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. Oppenheimer cut their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating on the stock in a report on Tuesday, January 28th. Wolfe Research initiated coverage on Shoals Technologies Group in a report on Tuesday, February 18th. They set a "peer perform" rating for the company. Roth Mkm cut their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a research note on Wednesday, February 26th. Finally, Mizuho lowered their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating for the company in a research note on Friday, January 24th.

Shoals Technologies Group Trading Up 4.6 %

NASDAQ:SHLS traded up $0.17 during trading hours on Friday, hitting $3.78. The company had a trading volume of 678,098 shares, compared to its average volume of 6,279,417. 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 company has a 50-day moving average of $3.34 and a 200 day moving average of $4.41. Shoals Technologies Group has a 1 year low of $2.71 and a 1 year high of $9.17. The company has a market cap of $630.41 million, a P/E ratio of 18.88, a P/E/G ratio of 0.52 and a beta of 1.54.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The firm had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm's quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.12 EPS. Sell-side analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Buying and Selling at Shoals Technologies Group

In other 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 approximately $3,227,500.21. The trade was a 2.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 40,575 shares of company stock worth $123,957 over the last 90 days. Corporate insiders own 1.67% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Impax Asset Management Group plc grew its holdings in shares of Shoals Technologies Group by 126.3% during the fourth quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company's stock worth $19,083,000 after buying an additional 1,935,983 shares during the last quarter. RWC Asset Management LLP purchased a new stake in shares of Shoals Technologies Group in the 4th quarter worth about $1,891,000. Erste Asset Management GmbH raised its holdings in shares of Shoals Technologies Group by 3.7% in the fourth quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company's stock worth $20,269,000 after acquiring an additional 128,664 shares during the last quarter. Franklin Resources Inc. increased its position in Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock worth $24,836,000 after purchasing an additional 658,617 shares in the last quarter. Finally, Cidel Asset Management Inc. purchased a new position in shares of Shoals Technologies Group during the fourth quarter valued at approximately $326,000.

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.