Shoals Technologies Group (NASDAQ:SHLS) Price Target Lowered to $9.00 at The Goldman Sachs Group

Shoals Technologies Group (NASDAQ:SHLS) had its price objective dropped by equities researchers at The Goldman Sachs Group from $10.00 to $9.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 115.83% from the company’s current price.

Several other research analysts have also recently issued reports on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $11.00 price target on shares of Shoals Technologies Group in a report on Friday, September 6th. Roth Mkm cut their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Guggenheim cut their target price 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. Barclays cut their target price on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. cut their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and a consensus price target of $10.64.

Shoals Technologies Group Price Performance

NASDAQ SHLS opened at $4.17 on Tuesday. The stock has a market capitalization of $695.14 million, a P/E ratio of 20.85, a P/E/G ratio of 0.64 and a beta of 1.69. Shoals Technologies Group has a 1 year low of $4.07 and a 1 year high of $17.50. The business’s fifty day moving average is $5.04 and its two-hundred day moving average is $5.74. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS) last posted 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 company had revenue of $102.20 million during the quarter, compared to the consensus estimate 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 in the prior year, the company posted $0.16 EPS. On average, research analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Brandon Moss purchased 22,300 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was bought at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the acquisition, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders sold 6,460 shares of company stock worth $30,271. Corporate insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds have recently bought and sold shares of the company. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Shoals Technologies Group by 104.1% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after acquiring an additional 69,193 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its holdings in Shoals Technologies Group by 146.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after acquiring an additional 93,400 shares during the period. Point72 Europe London LLP bought a new stake in Shoals Technologies Group during the third quarter valued at about $1,461,000. Wellington Management Group LLP boosted its holdings in Shoals Technologies Group by 14.6% during the third 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. Finally, Handelsbanken Fonder AB boosted its holdings in Shoals Technologies Group by 34.2% during the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after acquiring an additional 690,344 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.