Shoals Technologies Group, Inc. (NASDAQ:SHLS) Receives Average Recommendation of “Hold” from Brokerages

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) have been assigned an average recommendation of “Hold” from the twelve ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $28.90.

A number of research firms have commented on SHLS. Truist Financial lowered their price target on Shoals Technologies Group from $34.00 to $20.00 and set a “hold” rating for the company in a research report on Monday, January 24th. Guggenheim raised Shoals Technologies Group from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Friday, March 11th. Piper Sandler lowered Shoals Technologies Group from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $26.00 to $16.00 in a research report on Friday, April 8th. JPMorgan Chase & Co. lowered their price target on Shoals Technologies Group from $35.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, April 19th. Finally, Colliers Securities reaffirmed a “neutral” rating on shares of Shoals Technologies Group in a research report on Wednesday, March 30th.

In other news, CFO Philip A. Garton sold 100,000 shares of the stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.67% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of SHLS. National Bank of Canada FI bought a new position in Shoals Technologies Group during the 4th quarter valued at approximately $29,000. Metropolitan Life Insurance Co NY bought a new position in Shoals Technologies Group during the 4th quarter valued at approximately $51,000. Captrust Financial Advisors bought a new position in Shoals Technologies Group during the 3rd quarter valued at approximately $57,000. Rockefeller Capital Management L.P. increased its position in Shoals Technologies Group by 550.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,245 shares of the company’s stock valued at $62,000 after buying an additional 1,900 shares in the last quarter. Finally, CastleArk Alternatives LLC bought a new position in Shoals Technologies Group during the 3rd quarter valued at approximately $66,000. 67.87% of the stock is owned by institutional investors.

SHLS stock traded down $0.30 during trading on Friday, hitting $9.98. 2,005,370 shares of the company traded hands, compared to its average volume of 3,158,757. Shoals Technologies Group has a 1 year low of $9.58 and a 1 year high of $37.61. The company has a 50-day moving average of $15.57 and a 200-day moving average of $21.29.

Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last issued its earnings results on Thursday, March 10th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). The company had revenue of $48.00 million for the quarter, compared to analysts’ expectations of $46.50 million. Shoals Technologies Group had a net margin of 1.10% and a negative return on equity of 43.41%. The company’s revenue was up 23.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.06 earnings per share. Analysts anticipate that Shoals Technologies Group will post 0.27 EPS for the current year.

Shoals Technologies Group Company Profile (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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