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

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

A number of other research analysts have also recently commented on the company. Truist Financial decreased their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Mizuho dropped their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research report on Friday. Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Piper Sandler cut their target price on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Finally, Wells Fargo & Company started coverage on Shoals Technologies Group in a research note on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target on the stock. Three research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $9.48.

Shoals Technologies Group Trading Down 3.0 %

Shoals Technologies Group stock opened at $4.43 on Tuesday. The stock has a 50-day simple moving average of $5.06 and a 200 day simple moving average of $5.46. The stock has a market capitalization of $737.65 million, a P/E ratio of 22.17, a PEG ratio of 0.50 and a beta of 1.64. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. Shoals Technologies Group has a 52 week low of $4.07 and a 52 week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results 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 for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. The business’s revenue was down 23.8% compared to the same quarter last year. Analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss purchased 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The stock was acquired at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 company insiders.

Institutional Trading of Shoals Technologies Group

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

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.