Shoals Technologies Group (NASDAQ:SHLS) Coverage Initiated at Cantor Fitzgerald

Shoals Technologies Group (NASDAQ:SHLS) Coverage Initiated at Cantor Fitzgerald

Analysts at Cantor Fitzgerald began coverage on shares of Shoals Technologies Group (NASDAQ:SHLS – Get Rating) in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm sets a “neutral” rating and a $30.00 price target on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 12.28% from the company’s previous close.

Several other research firms have also commented on SHLS. Oppenheimer boosted their price objective on Shoals Technologies Group to $41.00 in a research note on Thursday, November 17th. Cowen cut their price objective on Shoals Technologies Group from $37.50 to $35.00 and set an “outperform” rating for the company in a research note on Friday, January 20th. JPMorgan Chase & Co. boosted their price objective on Shoals Technologies Group from $35.00 to $36.00 in a research note on Thursday, December 8th. Credit Suisse Group boosted their price objective on Shoals Technologies Group from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 17th. Finally, Morgan Stanley cut their price objective on Shoals Technologies Group from $36.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 10th. One investment analyst has rated the stock with a sell rating, six have been given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and a consensus target price of $31.10.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $26.72 on Wednesday. The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of 296.92 and a beta of 2.15. Shoals Technologies Group has a twelve month low of $9.58 and a twelve month high of $32.43. The company has a current ratio of 2.60, a quick ratio of 1.45 and a debt-to-equity ratio of 12.13. The stock has a 50-day moving average of $26.37 and a 200-day moving average of $23.94.

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Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last released its quarterly earnings results on Monday, November 14th. The company reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. The company had revenue of $90.82 million during the quarter, compared to analysts’ expectations of $82.92 million. Shoals Technologies Group had a return on equity of 453.46% and a net margin of 4.70%. Sell-side analysts anticipate that Shoals Technologies Group will post 0.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jason R. Whitaker sold 65,675 shares of the stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $29.91, for a total value of $1,964,339.25. Following the completion of the transaction, the chief executive officer now directly owns 602,639 shares in the company, valued at $18,024,932.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Shoals Technologies Group news, CEO Jason R. Whitaker sold 13,020 shares of the company’s stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $25.37, for a total transaction of $330,317.40. Following the transaction, the chief executive officer now directly owns 563,567 shares in the company, valued at $14,297,694.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed via the SEC website. Also, CEO Jason R. Whitaker sold 65,675 shares of the company’s stock in a transaction on Thursday, November 17th. The stock was sold at an average price of $29.91, for a total value of $1,964,339.25. Following the transaction, the chief executive officer now owns 602,639 shares in the company, valued at $18,024,932.49. The disclosure for this sale can be found here. Over the last three months, insiders sold 667,449 shares of company stock worth $15,107,419. Company insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Strs Ohio lifted its stake in Shoals Technologies Group by 179.4% during the fourth quarter. Strs Ohio now owns 9,500 shares of the company’s stock worth $234,000 after purchasing an additional 6,100 shares in the last quarter. Sigma Planning Corp acquired a new position in Shoals Technologies Group during the fourth quarter worth $217,000. Allspring Global Investments Holdings LLC raised its stake in shares of Shoals Technologies Group by 381.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,708,873 shares of the company’s stock valued at $42,158,000 after acquiring an additional 1,353,615 shares in the last quarter. Diversified Trust Co acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at $213,000. Finally, Assenagon Asset Management SA acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at $288,000. 81.94% of the stock is currently owned by institutional investors and hedge funds.

Shoals Technologies Group Company Profile

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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.

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Analyst Recommendations for Shoals Technologies Group (NASDAQ:SHLS)

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Analysts at Cantor Fitzgerald began coverage on shares of Shoals Technologies Group (NASDAQ:SHLS – Get Rating) in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm sets a “neutral” rating and a $30.00 price target on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 12.28% from the company’s previous close. Several other research firms have also commented on SHLS. Oppenheimer boosted their price objective on Shoals Technologies Group to $41.00 in a research note on Thursday, November 17th. Cowen cut their price objective on Shoals Technologies Group from…