Shoals Technologies Group (NASDAQ:SHLS) Upgraded at Morgan Stanley

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

SHLS has been the topic of a number of other reports. Jefferies Financial Group initiated coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 target price on the stock. Piper Sandler decreased their price objective on shares of 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. Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their target price for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. Roth Mkm reduced their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Finally, Guggenheim dropped their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $10.64.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $4.54 on Tuesday. The firm’s fifty day simple moving average is $5.01 and its 200-day simple moving average is $5.70. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The stock has a market cap of $756.81 million, a PE ratio of 22.70, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. Shoals Technologies Group has a fifty-two week low of $4.07 and a fifty-two week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share 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 company had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The company’s quarterly 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 fiscal year.

Insider Activity

In related news, CEO Brandon Moss acquired 22,300 shares of the stock in a transaction dated Thursday, November 21st. The stock was bought at an average cost of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 6,460 shares of company stock valued at $30,271 in the last 90 days. 0.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC raised its holdings in shares of Shoals Technologies Group by 169.4% in the 2nd quarter. SG Americas Securities LLC now owns 36,993 shares of the company’s stock worth $231,000 after purchasing an additional 23,260 shares during the period. Assenagon Asset Management S.A. raised its holdings in Shoals Technologies Group by 1,796.9% in the second quarter. Assenagon Asset Management S.A. now owns 478,784 shares of the company’s stock valued at $2,988,000 after buying an additional 453,543 shares during the period. Pallas Capital Advisors LLC acquired a new position in Shoals Technologies Group during the second quarter valued at approximately $90,000. 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group during the second quarter worth approximately $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Shoals Technologies Group by 48.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 155,469 shares of the company’s stock worth $970,000 after acquiring an additional 51,058 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.