Shoals Technologies Group (NASDAQ:SHLS) Given New $7.00 Price Target at Guggenheim

Shoals Technologies Group (NASDAQ:SHLS) had its price target dropped by analysts at Guggenheim from $8.00 to $7.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price objective suggests a potential upside of 44.93% from the company’s previous close.

SHLS has been the topic of a number of other research reports. Oppenheimer dropped their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler lifted their price target on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. TD Cowen increased their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Truist Financial cut their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $11.00 price target on shares of Shoals Technologies Group in a research note on Friday, September 6th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $11.58.

Shoals Technologies Group Stock Up 9.8 %

Shares of NASDAQ SHLS opened at $4.83 on Thursday. 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 stock has a market cap of $804.92 million, a P/E ratio of 24.15, a P/E/G ratio of 0.61 and a beta of 1.73. The firm has a 50 day moving average price of $5.36 and a 200 day moving average price of $6.06.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s quarterly revenue was down 23.8% on a year-over-year basis. During the same period last year, the firm earned $0.16 EPS. Analysts expect that Shoals Technologies Group will post 0.28 EPS for the current year.

Insider Transactions at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was bought at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the transaction, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This represents a 3.90 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.67% of the stock is owned by company insiders.

Institutional Investors Weigh In On Shoals Technologies Group

A number of large investors have recently added to or reduced their stakes in SHLS. Barclays PLC boosted its position in Shoals Technologies Group by 25.9% during the third quarter. Barclays PLC now owns 291,242 shares of the company’s stock worth $1,634,000 after purchasing an additional 59,856 shares during the period. Y Intercept Hong Kong Ltd lifted its stake in shares of Shoals Technologies Group by 33.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock worth $826,000 after buying an additional 37,008 shares during the last quarter. XTX Topco Ltd boosted its holdings in shares of Shoals Technologies Group by 346.6% during the 3rd quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock worth $758,000 after buying an additional 104,850 shares during the period. Yaupon Capital Management LP acquired a new position in Shoals Technologies Group in the 3rd quarter valued at about $8,585,000. Finally, Wellington Management Group LLP raised its holdings in Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after acquiring an additional 1,666,691 shares during the period.

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.