Shoals Technologies Group (NASDAQ:SHLS) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Shoals Technologies Group (NASDAQ:SHLS) from a buy rating to a hold rating in a research note published on Sunday.

A number of other research analysts have also recently issued reports on SHLS. Jefferies Financial Group lifted their price objective on Shoals Technologies Group from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Needham & Company LLC reissued a “buy” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Wednesday, May 6th. Barclays increased their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Guggenheim restated a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Finally, The Goldman Sachs Group lifted their price target on Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Shoals Technologies Group presently has an average rating of “Moderate Buy” and a consensus price target of $10.71.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $7.68 on Friday. Shoals Technologies Group has a fifty-two week low of $5.43 and a fifty-two week high of $13.18. The firm’s 50-day simple moving average is $9.57 and its two-hundred day simple moving average is $8.78. The stock has a market cap of $1.29 billion, a PE ratio of 40.42, a price-to-earnings-growth ratio of 1.04 and a beta of 1.93. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.02. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The firm had revenue of $163.37 million during the quarter, compared to analyst estimates of $160.03 million. During the same period last year, the business earned $0.10 earnings per share. The business’s revenue was up 47.4% on a year-over-year basis. Analysts anticipate that Shoals Technologies Group will post 0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the transaction, the insider directly owned 98,918 shares of the company’s stock, valued at $1,029,736.38. This represents a 9.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently bought and sold shares of SHLS. KBC Group NV purchased a new stake in shares of Shoals Technologies Group during the 1st quarter valued at about $30,000. PNC Financial Services Group Inc. raised its holdings in shares of Shoals Technologies Group by 378.0% during the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock valued at $50,000 after purchasing an additional 5,983 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Shoals Technologies Group during the first quarter valued at approximately $57,000. Tower Research Capital LLC TRC lifted its position in Shoals Technologies Group by 468.3% during the second quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company’s stock valued at $66,000 after purchasing an additional 12,788 shares during the period. Finally, Miller Howard Investments Inc. NY purchased a new stake in Shoals Technologies Group in the first quarter worth approximately $70,000.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.