Shoals Technologies Group (NASDAQ:SHLS) Earns Buy Rating from Analysts at Bank of America

Investment analysts at Bank of America assumed coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Bank of America‘s target price would suggest a potential upside of 24.22% from the company’s current price.

SHLS has been the subject of several other research reports. Barclays reduced their price target on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 13th. Piper Sandler cut their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Northland Securities lowered their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research note on Thursday, August 8th. Finally, Guggenheim lowered their price objective 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. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group has a consensus rating of “Hold” and an average target price of $11.31.

Shoals Technologies Group Trading Up 9.8 %

Shoals Technologies Group stock opened at $4.83 on Monday. Shoals Technologies Group has a 12-month low of $4.07 and a 12-month high of $17.50. The stock has a market capitalization of $805.16 million, a PE ratio of 24.15, a price-to-earnings-growth ratio of 0.70 and a beta of 1.73. The firm has a 50 day simple moving average of $5.36 and a 200-day simple moving average of $6.03. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

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

Insider Buying and Selling

In other news, CEO Brandon Moss acquired 22,300 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, for a total transaction 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 $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. FMR LLC lifted its holdings in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in shares of Shoals Technologies Group during the second quarter worth $54,000. TrinityPoint Wealth LLC bought a new stake in Shoals Technologies Group in the third quarter valued at about $60,000. Mackenzie Financial Corp acquired a new position in Shoals Technologies Group in the second quarter valued at about $64,000. Finally, American Trust acquired a new position in shares of Shoals Technologies Group during the 2nd quarter worth about $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.