Shoals Technologies Group’s (SHLS) “Equal Weight” Rating Reaffirmed at Morgan Stanley

Shoals Technologies Group (NASDAQ:SHLS)‘s stock had its “equal weight” rating restated by stock analysts at Morgan Stanley in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $9.50 price objective on the stock, down from their prior price objective of $11.00. Morgan Stanley’s price objective suggests a potential upside of 9.57% from the stock’s previous close.

SHLS has been the topic of several other reports. Barclays raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $7.00 to $10.00 in a research note on Thursday, October 2nd. Roth Capital reiterated a “buy” rating and issued a $15.00 target price (up previously from $10.00) on shares of Shoals Technologies Group in a report on Wednesday, November 5th. Needham & Company LLC started coverage on Shoals Technologies Group in a research report on Wednesday, October 22nd. They set a “buy” rating and a $12.00 target price on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Shoals Technologies Group in a report on Tuesday, October 14th. Finally, Wells Fargo & Company lifted their price objective on shares of Shoals Technologies Group from $6.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 6th. Twelve investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $8.76.

Shoals Technologies Group Trading Down 2.0%

Shares of SHLS opened at $8.67 on Tuesday. The stock has a market capitalization of $1.45 billion, a PE ratio of 43.35, a P/E/G ratio of 1.10 and a beta of 1.71. The company’s fifty day moving average is $9.03 and its 200 day moving average is $7.05. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.53 and a current ratio of 2.19. Shoals Technologies Group has a fifty-two week low of $2.71 and a fifty-two week high of $11.36.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.12 EPS for the quarter, hitting analysts’ consensus estimates of $0.12. The business had revenue of $135.80 million during the quarter, compared to analysts’ expectations of $131.37 million. Shoals Technologies Group had a net margin of 7.66% and a return on equity of 8.50%. Sell-side analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Dominic Bardos sold 4,170 shares of the business’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $7.83, for a total transaction of $32,651.10. Following the completion of the transaction, the chief financial officer owned 412,289 shares in the company, valued at $3,228,222.87. The trade was a 1.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.67% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in SHLS. Tudor Investment Corp ET AL grew its holdings in shares of Shoals Technologies Group by 83.2% in the third quarter. Tudor Investment Corp ET AL now owns 1,025,812 shares of the company’s stock worth $7,601,000 after purchasing an additional 465,968 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Shoals Technologies Group in the 3rd quarter valued at about $133,000. Maven Securities LTD grew its stake in Shoals Technologies Group by 19.9% in the 3rd quarter. Maven Securities LTD now owns 128,912 shares of the company’s stock worth $955,000 after acquiring an additional 21,366 shares in the last quarter. Caxton Associates LLP purchased a new position in shares of Shoals Technologies Group during the third quarter worth approximately $1,407,000. Finally, XTX Topco Ltd increased its position in shares of Shoals Technologies Group by 98.8% during the third quarter. XTX Topco Ltd now owns 123,975 shares of the company’s stock worth $919,000 after acquiring an additional 61,612 shares during the period.

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.