Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Consensus Rating of "Buy" by Brokerages – MarketBeat

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Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) has received a consensus recommendation of “Buy” from the fourteen research firms that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $26.69.
SHLS has been the subject of a number of recent research reports. Truist Financial upgraded Shoals Technologies Group from a “hold” rating to a “buy” rating and boosted their price target for the company from $16.00 to $25.00 in a research note on Thursday. Cowen cut their price target on Shoals Technologies Group to $20.00 and set a “na” rating for the company in a research note on Tuesday, May 17th. Morgan Stanley cut their price objective on Shoals Technologies Group from $27.00 to $25.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 22nd. Oppenheimer cut their price objective on Shoals Technologies Group to $40.00 and set a “na” rating for the company in a research note on Tuesday, May 17th. Finally, Credit Suisse Group cut their price objective on Shoals Technologies Group from $31.00 to $25.00 in a research note on Wednesday, May 18th.
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SHLS opened at $18.04 on Friday. Shoals Technologies Group has a 1-year low of $9.58 and a 1-year high of $37.61. The company’s fifty day moving average price is $13.90 and its two-hundred day moving average price is $17.90. The company has a market cap of $3.02 billion, a price-to-earnings ratio of 360.80 and a beta of 2.60.
Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last issued its earnings results on Monday, May 16th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). Shoals Technologies Group had a negative return on equity of 179.10% and a net margin of 3.33%. The business had revenue of $67.98 million during the quarter, compared to analysts’ expectations of $69.97 million. Shoals Technologies Group’s revenue for the quarter was up 49.1% on a year-over-year basis. On average, analysts forecast that Shoals Technologies Group will post 0.24 earnings per share for the current year.
In other Shoals Technologies Group news, General Counsel Mehgan Peetz sold 4,940 shares of the stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $15.17, for a total value of $74,939.80. Following the sale, the general counsel now owns 84,809 shares in the company, valued at $1,286,552.53. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Philip A. Garton sold 100,000 shares of the stock in a transaction on Wednesday, March 23rd. The stock was sold at an average price of $22.00, for a total value of $2,200,000.00. The disclosure for this sale can be found here. Company insiders own 1.67% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Standard Family Office LLC acquired a new stake in Shoals Technologies Group in the 1st quarter worth approximately $25,000. Ulland Investment Advisors LLC increased its holdings in shares of Shoals Technologies Group by 900.0% during the 1st quarter. Ulland Investment Advisors LLC now owns 1,500 shares of the company’s stock valued at $26,000 after purchasing an additional 1,350 shares in the last quarter. National Bank of Canada FI purchased a new position in shares of Shoals Technologies Group during the 4th quarter valued at approximately $29,000. MetLife Investment Management LLC purchased a new position in shares of Shoals Technologies Group during the 1st quarter valued at approximately $36,000. Finally, Metropolitan Life Insurance Co NY purchased a new position in shares of Shoals Technologies Group during the 4th quarter valued at approximately $51,000. Hedge funds and other institutional investors own 67.05% of the company’s stock.
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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Analyst Recommendations for Shoals Technologies Group (NASDAQ:SHLS)
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