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

Morgan Stanley restated their equal weight rating on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research note published on Tuesday morning, MarketBeat Ratings reports. The firm currently has a $9.50 price objective on the stock, down from their prior price objective of $11.00.

Several other research analysts have also commented on SHLS. Jefferies Financial Group raised their price target on shares of Shoals Technologies Group from $6.00 to $9.00 and gave the company a “buy” rating in a report on Monday, September 8th. Needham & Company LLC began coverage on shares of Shoals Technologies Group in a report on Wednesday, October 22nd. They set a “buy” rating and a $12.00 target price on the stock. Barclays raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $7.00 to $10.00 in a research report on Thursday, October 2nd. Wells Fargo & Company raised their price objective on Shoals Technologies Group from $6.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shoals Technologies Group in a research report on Tuesday, October 14th. Twelve investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Shoals Technologies Group presently has an average rating of “Hold” and a consensus target price of $8.76.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $8.64 on Tuesday. Shoals Technologies Group has a one year low of $2.71 and a one year high of $11.36. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.53 and a current ratio of 2.19. The company has a 50 day moving average price of $9.02 and a 200 day moving average price of $7.10. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 43.20, a price-to-earnings-growth ratio of 1.05 and a beta of 1.71.

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

Insiders Place Their Bets

In other Shoals Technologies Group news, CFO Dominic Bardos sold 4,170 shares of Shoals Technologies Group stock in a transaction that occurred 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 sale, the chief financial officer directly 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.67% of the stock is currently owned by company insiders.

Institutional Trading of Shoals Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC raised its holdings in Shoals Technologies Group by 449.1% in the second quarter. Nisa Investment Advisors LLC now owns 7,226 shares of the company’s stock valued at $31,000 after acquiring an additional 5,910 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Shoals Technologies Group in the 1st quarter valued at about $46,000. Savant Capital LLC bought a new position in shares of Shoals Technologies Group during the second quarter worth about $50,000. FORA Capital LLC acquired a new position in Shoals Technologies Group in the first quarter worth about $51,000. Finally, Ethic Inc. bought a new stake in Shoals Technologies Group in the second quarter valued at about $54,000.

About Shoals Technologies Group

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.