The Goldman Sachs Group Increases Shoals Technologies Group (NASDAQ:SHLS) Price Target to $6.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price increased by The Goldman Sachs Group from $5.00 to $6.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts also recently weighed in on SHLS. JPMorgan Chase & Co. decreased their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Barclays lowered their price target on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. UBS Group reduced 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 Wednesday, February 26th. Piper Sandler dropped their target price on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Finally, Wolfe Research initiated coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They issued a “peer perform” rating on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $8.77.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $5.07 on Wednesday. The business’s 50 day moving average is $3.45 and its 200-day moving average is $4.38. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $846.66 million, a PE ratio of 25.35, a PEG ratio of 0.52 and a beta of 1.52. Shoals Technologies Group has a 1-year low of $2.71 and a 1-year high of $8.52.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $80.36 million during the quarter, compared to the consensus estimate of $74.66 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company’s quarterly revenue was down 11.2% compared to the same quarter last year. During the same period last year, the firm earned $0.07 EPS. Sell-side analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the transaction, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 40,575 shares of company stock worth $123,957 over the last three months. 1.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Several large investors have recently bought and sold shares of the business. Empirical Asset Management LLC bought a new stake in shares of Shoals Technologies Group during the 4th quarter valued at $59,000. Cerity Partners LLC bought a new stake in Shoals Technologies Group in the first quarter valued at about $43,000. MQS Management LLC acquired a new position in Shoals Technologies Group in the first quarter valued at about $43,000. American Trust bought a new position in Shoals Technologies Group during the fourth quarter worth about $72,000. Finally, 49 Wealth Management LLC acquired a new position in shares of Shoals Technologies Group during the 4th quarter worth about $74,000.

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.