Shoals Technologies Group (NASDAQ:SHLS) Price Target Lowered to $10.00 at JPMorgan Chase & Co.

Shoals Technologies Group (NASDAQ:SHLS) had its price target decreased by research analysts at JPMorgan Chase & Co. from $11.00 to $10.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 124.47% from the company’s previous close.

SHLS has been the topic of a number of other research reports. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a report on Tuesday, December 17th. Barclays decreased their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Piper Sandler decreased their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. The Goldman Sachs Group lowered their price objective on shares of Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Guggenheim dropped their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $9.93.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS traded up $0.17 during midday trading on Thursday, reaching $4.46. The stock had a trading volume of 2,936,771 shares, compared to its average volume of 6,950,763. Shoals Technologies Group has a 12-month low of $4.07 and a 12-month 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. The firm has a fifty day simple moving average of $5.06 and a two-hundred day simple moving average of $5.50. The stock has a market cap of $742.65 million, a P/E ratio of 22.28, a P/E/G ratio of 0.54 and a beta of 1.64.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 EPS. On average, equities analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Buying and Selling

In other news, CEO Brandon Moss bought 22,300 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, with a total value of $101,465.00. Following the transaction, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders sold 6,460 shares of company stock worth $30,271. 1.67% of the stock is currently owned by insiders.

Institutional Trading of Shoals Technologies Group

Several hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased 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 acquiring an additional 1,906 shares during the period. Mackenzie Financial Corp bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at approximately $64,000. Empirical Asset Management LLC acquired a new position in shares of Shoals Technologies Group in the 4th quarter worth approximately $59,000. TrinityPoint Wealth LLC bought a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $60,000. Finally, American Trust acquired a new stake in Shoals Technologies Group in the 2nd quarter valued at $68,000.

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.