Shoals Technologies Group (NASDAQ:SHLS) Price Target Lowered to $10.00 at JPMorgan Chase & Co.

Shoals Technologies Group (NASDAQ:SHLS) had its price objective decreased by research analysts at JPMorgan Chase & Co. from $11.00 to $10.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 124.47% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Truist Financial lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. The Goldman Sachs Group cut their price target on Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a research report on Tuesday, December 17th. Wells Fargo & Company began coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They set an “equal weight” rating and a $46.00 price target for the company. Finally, TD Cowen boosted their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $9.93.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock traded up $0.17 during midday trading on Thursday, reaching $4.46. The company had a trading volume of 2,936,771 shares, compared to its average volume of 6,950,763. The company has a market capitalization of $742.65 million, a price-to-earnings ratio of 22.28, a price-to-earnings-growth ratio of 0.54 and a beta of 1.64. Shoals Technologies Group has a 1-year low of $4.07 and a 1-year high of $17.50. 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 stock has a fifty day simple moving average of $5.06 and a 200 day simple moving average of $5.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business’s revenue for the quarter was down 23.8% compared to the same quarter last year. During the same period last year, the company earned $0.16 EPS. As a group, equities research analysts forecast 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 acquired 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, with a total value of $101,465.00. Following the completion of the purchase, 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 Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 6,460 shares of company stock worth $30,271. Company insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

A number of large investors have recently modified their holdings of SHLS. Point72 Asset Management L.P. boosted its stake in Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after buying an additional 5,622,207 shares in the last quarter. Erste Asset Management GmbH bought a new stake in Shoals Technologies Group during the 3rd quarter worth approximately $20,191,000. Millennium Management LLC increased its position in Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after acquiring an additional 2,442,227 shares during the period. Verition Fund Management LLC raised its stake in shares of Shoals Technologies Group by 938.3% during the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock valued at $12,629,000 after acquiring an additional 2,034,291 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Shoals Technologies Group by 14.6% during the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after purchasing an additional 1,666,691 shares during the period.

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.