Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $10.00 by Analysts at Oppenheimer

Shoals Technologies Group (NASDAQ:SHLS) had its price objective reduced by Oppenheimer from $11.00 to $10.00 in a report issued on Tuesday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

SHLS has been the topic of several other research reports. JPMorgan Chase & Co. dropped their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective on the stock. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their target price for the company from $5.00 to $5.50 in a research note on Thursday, October 3rd. TD Cowen raised their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Barclays reduced their price objective on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $9.48.

Shoals Technologies Group Trading Down 3.3 %

NASDAQ:SHLS opened at $4.41 on Tuesday. The company has a market cap of $735.15 million, a PE ratio of 22.05, a P/E/G ratio of 0.50 and a beta of 1.64. The business’s 50 day moving average is $5.06 and its two-hundred day moving average is $5.44. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 52 week low of $4.07 and a 52 week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data 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 return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter last year, the business earned $0.16 earnings per share. The business’s revenue for the quarter was down 23.8% compared to the same quarter last year. On average, analysts predict that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss bought 22,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were acquired 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 of the company’s stock, valued at $2,701,335. The trade was a 3.90 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 6,460 shares of company stock valued at $30,271 over the last ninety days. Insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC increased its position in shares of Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares in the last quarter. Van ECK Associates Corp raised its stake in Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after purchasing an additional 2,517 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Shoals Technologies Group by 3.8% in the second quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock valued at $637,000 after purchasing an additional 3,699 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of 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 buying an additional 6,503 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Shoals Technologies Group by 1.6% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 551,055 shares of the company’s stock valued at $3,091,000 after buying an additional 8,918 shares in 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.