Truist Financial Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $7.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price cut by Truist Financial from $8.00 to $7.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 53.85% from the company’s current price.

A number of other analysts also recently weighed in on the stock. Wells Fargo & Company started coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target for the company. Bank of America started coverage on shares of Shoals Technologies Group in a report on Monday, November 25th. They set a “buy” rating and a $6.00 price objective for the company. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a report on Tuesday, December 17th. The Goldman Sachs Group reduced their price objective on shares of Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Finally, Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $10.60.

Shoals Technologies Group Stock Up 0.2 %

Shares of SHLS traded up $0.01 during mid-day trading on Thursday, hitting $4.55. 1,069,023 shares of the company’s stock were exchanged, compared to its average volume of 6,718,331. Shoals Technologies Group has a twelve month low of $4.07 and a twelve month high of $17.50. The firm has a fifty day moving average of $5.17 and a two-hundred day moving average of $5.55. 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 $758.49 million, a price-to-earnings ratio of 22.75, a P/E/G ratio of 0.67 and a beta of 1.64.

Shoals Technologies Group (NASDAQ:SHLS) last issued 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 company 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 company earned $0.16 earnings per share. Shoals Technologies Group’s revenue for the quarter was down 23.8% on a year-over-year basis. On average, sell-side analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were purchased at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now owns 593,700 shares in the company, valued at $2,701,335. This represents a 3.90 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 6,460 shares of company stock valued at $30,271 in the last 90 days. 0.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. FMR LLC lifted its stake in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares in the last quarter. Van ECK Associates Corp lifted its stake in Shoals Technologies Group by 1.9% in the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after buying an additional 2,517 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of 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 in the last quarter. Point72 DIFC Ltd lifted its position in shares of Shoals Technologies Group by 12.8% in the second quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock worth $341,000 after purchasing an additional 6,206 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Shoals Technologies Group by 2.3% in the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock worth $1,653,000 after purchasing an additional 6,503 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.