Analysts Set Shoals Technologies Group, Inc. (NASDAQ:SHLS) Price Target at $8.40

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

A number of equities analysts have issued reports on the stock. Royal Bank of Canada cut their target price 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. UBS Group dropped their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. BNP Paribas restated an "underperform" rating and issued a $4.00 price target (down previously from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. Roth Mkm dropped 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, Citigroup raised their price target on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a research note on Wednesday, May 7th.

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the transaction, the chief executive officer now owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. The trade was a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is owned by insiders.

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SHLS. MQS Management LLC acquired a new position in Shoals Technologies Group in the 1st quarter worth approximately $43,000. Cerity Partners LLC acquired a new position in Shoals Technologies Group in the 1st quarter worth approximately $43,000. Caitong International Asset Management Co. Ltd acquired a new position in Shoals Technologies Group in the 1st quarter worth approximately $44,000. Virtu Financial LLC acquired a new position in Shoals Technologies Group in the 1st quarter worth approximately $46,000. Finally, FORA Capital LLC acquired a new position in Shoals Technologies Group in the 1st quarter worth approximately $51,000.

Shoals Technologies Group Stock Performance

NASDAQ SHLS traded up $0.13 during trading hours on Thursday, reaching $4.72. The company's stock had a trading volume of 2,868,682 shares, compared to its average volume of 5,981,241. 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 business has a 50-day simple moving average of $3.90 and a 200 day simple moving average of $4.33. Shoals Technologies Group has a 52 week low of $2.71 and a 52 week high of $8.52. The stock has a market cap of $788.22 million, a PE ratio of 23.60, a PEG ratio of 0.52 and a beta of 1.52.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued 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). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $80.36 million during the quarter, compared to the consensus estimate of $74.66 million. During the same period in the prior year, the business earned $0.07 EPS. The business's revenue was down 11.2% on a year-over-year basis. Equities research analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

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.