Oppenheimer Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $10.00

Shoals Technologies Group (NASDAQ:SHLS) had its price objective reduced by Oppenheimer from $11.00 to $10.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s target price would indicate a potential upside of 125.99% from the company’s current price.

SHLS has been the topic of a number of other research reports. Bank of America assumed coverage on shares of Shoals Technologies Group in a report on Monday, November 25th. They set a “buy” rating and a $6.00 target price on the stock. Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their target price for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. The Goldman Sachs Group dropped their price objective on shares of Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, January 22nd. TD Cowen increased their target price on 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, Guggenheim reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and a consensus target price of $9.48.

Shoals Technologies Group Trading Down 3.0 %

Shares of SHLS opened at $4.43 on Tuesday. The firm has a market cap of $737.65 million, a P/E ratio of 22.17, a price-to-earnings-growth ratio of 0.50 and a beta of 1.64. Shoals Technologies Group has a fifty-two week low of $4.07 and a fifty-two week high of $17.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The business has a 50-day moving average of $5.06 and a 200 day moving average of $5.46.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 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 business had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. During the same period last year, the business posted $0.16 earnings per share. The firm’s quarterly revenue was down 23.8% on a year-over-year basis. As a group, research analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The stock was bought 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 owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 6,460 shares of company stock valued at $30,271. 1.67% of the stock is currently owned by corporate insiders.

Institutional Trading of Shoals Technologies Group

A number of institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. raised its holdings in shares of Shoals Technologies Group by 460.1% during 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 purchasing an additional 5,622,207 shares during the last quarter. Erste Asset Management GmbH bought a new position in shares of Shoals Technologies Group during the 3rd quarter valued at $20,191,000. Millennium Management LLC lifted its holdings in shares of Shoals Technologies Group by 262.8% during the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after buying an additional 2,442,227 shares during the period. Verition Fund Management LLC grew its holdings in shares of Shoals Technologies Group by 938.3% in the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after acquiring an additional 2,034,291 shares during the period. Finally, Wellington Management Group LLP boosted its position in Shoals Technologies Group by 14.6% in 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 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.