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

Stock analysts at Cantor Fitzgerald initiated coverage on shares of Shoals Technologies Group (NASDAQ:SHLS – Get Rating) in a research note issued to investors on Wednesday, The Fly reports. The firm set a “neutral” rating on the stock.

A number of other research analysts have also recently commented on SHLS. The Goldman Sachs Group increased their target price on Shoals Technologies Group from $18.00 to $20.00 and gave the company a “sell” rating in a research note on Tuesday, November 15th. JPMorgan Chase & Co. raised their price objective on shares of Shoals Technologies Group from $35.00 to $36.00 in a report on Thursday, December 8th. Piper Sandler raised their price objective on shares of Shoals Technologies Group from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Tuesday, November 15th. Credit Suisse Group raised their price objective on shares of Shoals Technologies Group from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday, January 17th. Finally, Northland Securities upgraded shares of Shoals Technologies Group from a “market perform” rating to an “outperform” rating and set a $30.00 price objective for the company in a report on Tuesday, November 15th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $31.18.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $29.09 on Wednesday. Shoals Technologies Group has a 12 month low of $9.58 and a 12 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 business’s 50 day simple moving average is $26.46 and its 200 day simple moving average is $23.89. The company has a market cap of $4.87 billion, a price-to-earnings ratio of 323.26 and a beta of 2.15.

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

Insider Activity

In related news, CEO Jason R. Whitaker sold 65,675 shares of the firm’s stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $29.91, for a total transaction of $1,964,339.25. Following the completion of the sale, the chief executive officer now owns 602,639 shares of the company’s stock, valued at $18,024,932.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Dean Solon sold 564,668 shares of the firm’s stock in a transaction that occurred on Tuesday, December 6th. The shares were sold at an average price of $21.47, for a total transaction of $12,123,421.96. Following the completion of the sale, the insider now owns 62,500 shares of the company’s stock, valued at $1,341,875. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jason R. Whitaker sold 65,675 shares of the firm’s stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $29.91, for a total transaction of $1,964,339.25. Following the sale, the chief executive officer now directly owns 602,639 shares of the company’s stock, valued at approximately $18,024,932.49. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 655,417 shares of company stock worth $14,762,582. Insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in SHLS. Raymond James & Associates grew its position in Shoals Technologies Group by 1.1% in the 1st quarter. Raymond James & Associates now owns 90,966 shares of the company’s stock worth $1,550,000 after purchasing an additional 1,034 shares during the period. Bank of New York Mellon Corp grew its position in Shoals Technologies Group by 2.7% in the 1st quarter. Bank of New York Mellon Corp now owns 341,154 shares of the company’s stock worth $5,813,000 after purchasing an additional 9,067 shares during the period. US Bancorp DE grew its position in Shoals Technologies Group by 700.2% in the 1st quarter. US Bancorp DE now owns 6,450 shares of the company’s stock worth $110,000 after purchasing an additional 5,644 shares during the period. Bank of Montreal Can grew its position in Shoals Technologies Group by 41.1% in the 1st quarter. Bank of Montreal Can now owns 33,244 shares of the company’s stock worth $597,000 after purchasing an additional 9,691 shares during the period. Finally, MetLife Investment Management LLC bought a new stake in Shoals Technologies Group in the 1st quarter worth approximately $36,000. Institutional investors own 81.94% of the company’s stock.

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.