Shoals Technologies Group (NASDAQ:SHLS) Trading Up 9.8% After Analyst Upgrade – MarketBeat
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Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) shot up 9.8% during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $31.00 to $35.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Shoals Technologies Group traded as high as $25.53 and last traded at $25.33. 9,740 shares traded hands during trading, a decline of 100% from the average session volume of 2,651,182 shares. The stock had previously closed at $23.07.
A number of other equities analysts also recently weighed in on the stock. Barclays initiated coverage on shares of Shoals Technologies Group in a research note on Friday. They issued an “equal weight” rating and a $24.00 price target on the stock. Truist Financial upgraded Shoals Technologies Group from a “hold” rating to a “buy” rating and upped their price target for the company from $16.00 to $25.00 in a research report on Thursday, June 9th. Piper Sandler boosted their price target on shares of Shoals Technologies Group from $15.00 to $20.00 and gave the company a “neutral” rating in a research report on Tuesday, July 19th. Northland Securities downgraded shares of Shoals Technologies Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 19th. Finally, Guggenheim dropped their price target on shares of Shoals Technologies Group from $22.00 to $19.00 and set a “na” rating for the company in a research note on Tuesday, May 17th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.08.
Insider Activity at Shoals Technologies Group
In related news, Director Ty P. Daul acquired 5,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 16th. The shares were bought at an average cost of $17.60 per share, for a total transaction of $96,800.00. Following the completion of the transaction, the director now owns 28,591 shares in the company, valued at $503,201.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Shoals Technologies Group news, Director Ty P. Daul purchased 5,500 shares of the business’s stock in a transaction on Thursday, June 16th. The stock was acquired at an average cost of $17.60 per share, for a total transaction of $96,800.00. Following the completion of the transaction, the director now directly owns 28,591 shares in the company, valued at approximately $503,201.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Mehgan Peetz sold 4,940 shares of Shoals Technologies Group stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $15.17, for a total transaction of $74,939.80. Following the completion of the transaction, the general counsel now directly owns 84,809 shares in the company, valued at $1,286,552.53. The disclosure for this sale can be found here. 1.67% of the stock is currently owned by corporate insiders.
Institutional Trading of Shoals Technologies Group
Hedge funds have recently made changes to their positions in the stock. Invesco Ltd. increased its position in shares of Shoals Technologies Group by 0.8% during the first quarter. Invesco Ltd. now owns 7,063,711 shares of the company’s stock valued at $120,365,000 after acquiring an additional 55,184 shares in the last quarter. Capital Research Global Investors grew its position in Shoals Technologies Group by 107.7% in the 1st quarter. Capital Research Global Investors now owns 3,466,612 shares of the company’s stock worth $59,071,000 after purchasing an additional 1,797,637 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Shoals Technologies Group by 90.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,403,159 shares of the company’s stock valued at $40,950,000 after acquiring an additional 1,140,800 shares during the period. State Street Corp grew its position in shares of Shoals Technologies Group by 3.4% during the 1st quarter. State Street Corp now owns 2,011,267 shares of the company’s stock valued at $34,272,000 after acquiring an additional 65,301 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Shoals Technologies Group by 35.8% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,963,794 shares of the company’s stock valued at $33,463,000 after acquiring an additional 517,769 shares during the period. 67.05% of the stock is owned by institutional investors.
Shoals Technologies Group Trading Up 5.0 %
The business’s 50 day moving average is $18.20 and its two-hundred day moving average is $16.09. The company has a market cap of $4.05 billion, a PE ratio of 478.20 and a beta of 2.40.
Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last announced its quarterly earnings results on Monday, May 16th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.03). The company had revenue of $67.98 million during the quarter, compared to analysts’ expectations of $69.97 million. Shoals Technologies Group had a negative return on equity of 179.10% and a net margin of 3.33%. The company’s quarterly revenue was up 49.1% on a year-over-year basis. As a group, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.23 EPS for the current fiscal year.
About Shoals Technologies Group
(Get Rating)
Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices.
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