Shoals Technologies Group (NASDAQ:SHLS) Price Target Lowered to $8.00 at The Goldman Sachs Group

Shoals Technologies Group (NASDAQ:SHLS) had its price objective lowered by The Goldman Sachs Group from $9.00 to $8.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently commented on SHLS. Barclays lowered their price target on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Guggenheim 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 Thursday, November 21st. Truist Financial reduced their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Bank of America started coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 target price on the stock. Finally, Piper Sandler reduced their price target on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Three analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.03.

Shoals Technologies Group Stock Performance

Shares of SHLS opened at $4.29 on Wednesday. Shoals Technologies Group has a 52 week low of $4.07 and a 52 week high of $17.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The company has a market capitalization of $715.14 million, a PE ratio of 21.45, a PEG ratio of 0.54 and a beta of 1.64. The company’s 50 day moving average price is $5.06 and its 200 day moving average price is $5.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted 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). The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company’s revenue was down 23.8% compared to the same quarter last year. During the same period last year, the company posted $0.16 earnings per share. Research analysts expect that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the purchase, the chief executive officer now owns 593,700 shares in the company, valued at $2,701,335. This represents a 3.90 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders sold 6,460 shares of company stock worth $30,271. 1.67% of the stock is currently owned by company insiders.

Institutional Trading of Shoals Technologies Group

Institutional investors have recently made changes to their positions in the business. FMR LLC boosted its holdings in Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after purchasing an additional 1,906 shares in the last quarter. Empirical Asset Management LLC bought a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $59,000. TrinityPoint Wealth LLC acquired a new stake in Shoals Technologies Group in the 3rd quarter valued at $60,000. Mackenzie Financial Corp bought a new stake in Shoals Technologies Group in the second quarter valued at $64,000. Finally, American Trust acquired a new position in Shoals Technologies Group during the second quarter worth $68,000.

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.