Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Consensus Recommendation of "Hold" from Brokerages

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) has received an average rating of "Hold" from the twenty-three ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and thirteen have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $8.40.

Several research analysts have commented on the stock. Guggenheim raised their price target on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a report on Friday, May 9th. UBS Group cut their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. JPMorgan Chase & Co. cut their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating for the company in a report on Thursday, January 23rd. Mizuho cut their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating for the company in a report on Friday, January 24th. Finally, Royal Bank of Canada cut their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th.

Shoals Technologies Group Stock Down 1.5%

Shoals Technologies Group stock opened at $4.71 on Thursday. Shoals Technologies Group has a 1-year low of $2.71 and a 1-year high of $8.52. The firm has a market capitalization of $786.55 million, a price-to-earnings ratio of 23.55, a P/E/G ratio of 0.52 and a beta of 1.52. 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 firm has a 50 day simple moving average of $3.79 and a 200 day simple moving average of $4.37.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 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 $80.36 million during the quarter, compared to analysts' expectations of $74.66 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. The firm's quarterly revenue was down 11.2% on a year-over-year basis. On average, analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Brandon Moss sold 21,700 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the transaction, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at approximately $3,227,500.21. This represents a 2.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 40,575 shares of company stock valued at $123,957 over the last three months. Insiders own 1.67% of the company's stock.

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of SHLS. Wellington Management Group LLP raised its stake in shares of Shoals Technologies Group by 51.9% during the first quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company's stock valued at $71,765,000 after acquiring an additional 7,382,548 shares during the last quarter. CenterBook Partners LP bought a new position in shares of Shoals Technologies Group during the first quarter valued at about $12,489,000. T. Rowe Price Investment Management Inc. bought a new position in shares of Shoals Technologies Group during the first quarter valued at about $7,712,000. Norges Bank bought a new position in shares of Shoals Technologies Group during the fourth quarter valued at about $12,472,000. Finally, Impax Asset Management Group plc raised its stake 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 valued at $19,083,000 after acquiring an additional 1,935,983 shares during 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.

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