Shoals Technologies Group (NASDAQ:SHLS – Get Rating) was upgraded by investment analysts at Truist Financial from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, The Fly reports.
Several other equities research analysts have also commented on the company. Morgan Stanley cut their target price on Shoals Technologies Group from $27.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 22nd. Oppenheimer cut their target price on Shoals Technologies Group to $40.00 and set a “na” rating on the stock in a research report on Tuesday, May 17th. JPMorgan Chase & Co. dropped their price target on Shoals Technologies Group from $35.00 to $33.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 19th. Cowen dropped their price target on Shoals Technologies Group to $20.00 and set a “na” rating on the stock in a research note on Tuesday, May 17th. Finally, Piper Sandler dropped their price target on Shoals Technologies Group to $15.00 and set a “na” rating on the stock in a research note on Tuesday, May 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and a consensus target price of $25.92.
Shares of Shoals Technologies Group stock opened at $18.62 on Thursday. Shoals Technologies Group has a one year low of $9.58 and a one year high of $37.61. The stock’s 50-day moving average is $13.85 and its 200 day moving average is $18.16. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 372.40 and a beta of 2.60.
Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last announced its earnings results on Monday, May 16th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.03). Shoals Technologies Group had a net margin of 3.33% and a negative return on equity of 179.10%. The business had revenue of $67.98 million for the quarter, compared to the consensus estimate of $69.97 million. The business’s revenue for the quarter was up 49.1% on a year-over-year basis. On average, analysts predict that Shoals Technologies Group will post 0.24 earnings per share for the current fiscal year.
In related news, General Counsel Mehgan Peetz sold 4,940 shares of the stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $15.17, for a total transaction of $74,939.80. Following the completion of the sale, the general counsel now directly owns 84,809 shares of the company’s stock, valued at $1,286,552.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Philip A. Garton sold 100,000 shares of the stock in a transaction that occurred on Wednesday, March 23rd. The shares were sold at an average price of $22.00, for a total value of $2,200,000.00. The disclosure for this sale can be found here. Corporate insiders own 1.67% of the company’s stock.
Several institutional investors have recently bought and sold shares of SHLS. Benjamin F. Edwards & Company Inc. boosted its stake in Shoals Technologies Group by 22.2% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,400 shares of the company’s stock valued at $75,000 after buying an additional 800 shares during the period. 1832 Asset Management L.P. boosted its stake in Shoals Technologies Group by 0.4% during the fourth quarter. 1832 Asset Management L.P. now owns 228,081 shares of the company’s stock valued at $5,700,000 after buying an additional 865 shares during the period. ETF Managers Group LLC raised its position in Shoals Technologies Group by 5.0% during the fourth quarter. ETF Managers Group LLC now owns 19,644 shares of the company’s stock valued at $486,000 after purchasing an additional 933 shares in the last quarter. Raymond James & Associates raised its position in Shoals Technologies Group by 1.1% during the first quarter. Raymond James & Associates now owns 90,966 shares of the company’s stock valued at $1,550,000 after purchasing an additional 1,034 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in Shoals Technologies Group by 6.8% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 17,130 shares of the company’s stock valued at $416,000 after purchasing an additional 1,088 shares in the last quarter. 67.05% of the stock is owned by hedge funds and other institutional investors.
About Shoals Technologies Group (Get Rating)
Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices.
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Source: defenseworld.net
