Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) had its price objective lowered by investment analysts at Barclays from $5.00 to $4.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price points to a potential downside of 14.35% from the stock’s previous close.
Several other equities analysts also recently issued reports on SHLS. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price objective on the stock. Guggenheim decreased their price target 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. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. Bank of America started coverage on Shoals Technologies Group in a research report on Monday, November 25th. They issued a “buy” rating and a $6.00 target price on the stock. Finally, The Goldman Sachs Group reduced their price objective on Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $10.55.
View Our Latest Stock Report on SHLS
Shoals Technologies Group Stock Performance
Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same period in the previous year, the company earned $0.16 earnings per share. The company’s quarterly revenue was down 23.8% compared to the same quarter last year. Sell-side analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.
Insider Activity at Shoals Technologies Group
In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 6,460 shares of company stock worth $30,271. 0.36% of the stock is currently owned by company insiders.
Institutional Trading of Shoals Technologies Group
A number of large investors have recently modified their holdings of SHLS. FMR LLC grew its stake in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Shoals Technologies Group by 1.9% during the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after buying an additional 2,517 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Shoals Technologies Group by 3.8% during the second quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after buying an additional 3,699 shares during the period. Point72 DIFC Ltd raised its holdings in Shoals Technologies Group by 12.8% in the second quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock valued at $341,000 after acquiring an additional 6,206 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Shoals Technologies Group by 2.3% in the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock worth $1,653,000 after acquiring an additional 6,503 shares during the last quarter.
About Shoals Technologies Group
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.
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