Shoals Technologies Group, Inc. (NASDAQ:SHLS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

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Shoals Technologies Group logoShares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) have been assigned a consensus recommendation of “Moderate Buy” from the seventeen analysts that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $31.34.

Several brokerages recently weighed in on SHLS. Northland Securities upgraded Shoals Technologies Group from a “market perform” rating to an “outperform” rating and set a $30.00 price target for the company in a research note on Tuesday, May 9th. Truist Financial boosted their price target on shares of Shoals Technologies Group from $32.00 to $35.00 in a report on Tuesday, May 9th. Cantor Fitzgerald dropped their target price on shares of Shoals Technologies Group from $30.00 to $27.00 in a research report on Tuesday, May 9th. Credit Suisse Group restated an “outperform” rating and set a $29.00 price target on shares of Shoals Technologies Group in a research report on Monday, March 6th. Finally, Morgan Stanley lowered their price objective on Shoals Technologies Group from $32.00 to $29.00 and set an “equal weight” rating on the stock in a report on Monday, April 3rd.

Insider Activity at Shoals Technologies Group

In related news, President Jeffery Tolnar sold 1,415 shares of the business’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $22.79, for a total value of $32,247.85. Following the sale, the president now owns 64,629 shares in the company, valued at approximately $1,472,894.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Shoals Technologies Group news, President Jeffery Tolnar sold 1,415 shares of the stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $22.79, for a total transaction of $32,247.85. Following the sale, the president now directly owns 64,629 shares in the company, valued at approximately $1,472,894.91. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jason R. Whitaker sold 3,008 shares of the business’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $24.59, for a total transaction of $73,966.72. Following the completion of the transaction, the chief executive officer now owns 461,964 shares of the company’s stock, valued at approximately $11,359,694.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,695,143 shares of company stock worth $598,266,559. Insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

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Several hedge funds and other institutional investors have recently made changes to their positions in SHLS. Alliancebernstein LP raised its holdings in Shoals Technologies Group by 4,053.2% in the fourth quarter. Alliancebernstein LP now owns 5,254,717 shares of the company’s stock valued at $129,634,000 after acquiring an additional 5,128,195 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Shoals Technologies Group by 160.7% during the 1st quarter. Wellington Management Group LLP now owns 5,942,954 shares of the company’s stock worth $135,440,000 after purchasing an additional 3,663,343 shares during the last quarter. BlackRock Inc. grew its stake in shares of Shoals Technologies Group by 23.6% during the first quarter. BlackRock Inc. now owns 16,288,180 shares of the company’s stock worth $371,208,000 after purchasing an additional 3,112,106 shares in the last quarter. Norges Bank purchased a new stake in Shoals Technologies Group during the 4th quarter worth about $46,964,000. Finally, Capital Research Global Investors boosted its position in shares of Shoals Technologies Group by 107.7% during the 1st quarter. Capital Research Global Investors now owns 3,466,612 shares of the company’s stock worth $59,071,000 after acquiring an additional 1,797,637 shares in the last quarter. Hedge funds and other institutional investors own 81.94% of the company’s stock.

Shoals Technologies Group Trading Up 0.8 %

Shoals Technologies Group stock opened at $23.63 on Friday. The company has a current ratio of 2.83, a quick ratio of 1.69 and a debt-to-equity ratio of 0.46. The firm has a market cap of $4.01 billion, a PE ratio of 25.97 and a beta of 2.10. The stock’s 50 day simple moving average is $22.09 and its two-hundred day simple moving average is $24.42. Shoals Technologies Group has a 12 month low of $13.92 and a 12 month high of $32.43.

Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last announced its quarterly earnings results on Tuesday, February 28th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06. Shoals Technologies Group had a net margin of 38.26% and a return on equity of 29.36%. The firm had revenue of $94.65 million for the quarter, compared to the consensus estimate of $86.29 million. Analysts anticipate that Shoals Technologies Group will post 0.49 earnings per share for the current year.

About Shoals Technologies Group

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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.

Analyst Recommendations for Shoals Technologies Group (NASDAQ:SHLS)

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