Shoals Technologies Group (NASDAQ:SHLS) Earns Peer Perform Rating from Analysts at Wolfe Research

Wolfe Research began coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set a “peer perform” rating on the stock.

A number of other research analysts have also weighed in on SHLS. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a report on Tuesday, December 17th. Mizuho reduced 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. Piper Sandler cut their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. TD Cowen boosted their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. lowered their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $9.48.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $3.96 on Tuesday. The firm has a market capitalization of $660.13 million, a P/E ratio of 19.80, a PEG ratio of 0.53 and a beta of 1.62. Shoals Technologies Group has a one year low of $3.83 and a one year high of $16.85. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The business has a fifty day moving average price of $4.92 and a 200-day moving average price of $5.22.

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders sold 6,460 shares of company stock valued at $30,271 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 have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Shoals Technologies Group by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock valued at $94,915,000 after acquiring an additional 576,736 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock worth $78,710,000 after purchasing an additional 1,125,938 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after purchasing an additional 5,622,207 shares in the last quarter. Invesco Ltd. increased its position in shares of Shoals Technologies Group by 20.7% during the fourth quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after buying an additional 1,098,577 shares during the period. Finally, Encompass Capital Advisors LLC raised its stake in Shoals Technologies Group by 14.5% in the fourth quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company’s stock worth $29,919,000 after buying an additional 683,642 shares in 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.