Shoals Technologies Group (NASDAQ:SHLS) Raised to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Shoals Technologies Group (NASDAQ:SHLS) from an equal weight rating to an overweight rating in a research report sent to investors on Tuesday morning, Marketbeat.com reports. Morgan Stanley currently has $7.00 price objective on the stock.

A number of other analysts have also issued reports on the company. Wells Fargo & Company started coverage on Shoals Technologies Group in a research report on Monday, October 14th. They set an “equal weight” rating and a $46.00 target price on the stock. Piper Sandler cut their target price on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Cantor Fitzgerald reissued an “overweight” rating and set a $12.00 price target on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. TD Cowen lifted their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Bank of America began coverage on shares of Shoals Technologies Group in a research note on Monday, November 25th. They set a “buy” rating and a $6.00 price objective on the stock. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $10.64.

Shoals Technologies Group Stock Down 2.6 %

Shares of NASDAQ:SHLS opened at $4.54 on Tuesday. The company has a market capitalization of $756.81 million, a price-to-earnings ratio of 22.70, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. The company has a 50 day moving average of $5.01 and a two-hundred day moving average of $5.70. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week high of $17.50. 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 (NASDAQ:SHLS) last released 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). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm 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 business posted $0.16 earnings per share. Shoals Technologies Group’s revenue for the quarter was down 23.8% on a year-over-year basis. As a group, analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss acquired 22,300 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the transaction, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 6,460 shares of company stock worth $30,271 in the last 90 days. 0.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC boosted its position 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 acquiring an additional 1,906 shares during the period. Van ECK Associates Corp raised its stake 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 valued at $739,000 after purchasing an additional 2,517 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in 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 worth $637,000 after purchasing an additional 3,699 shares during the period. Point72 DIFC Ltd grew its position in Shoals Technologies Group by 12.8% in the 2nd quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock valued at $341,000 after buying an additional 6,206 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in Shoals Technologies Group by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock valued at $1,653,000 after buying an additional 6,503 shares during the period.

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.