Morgan Stanley Increases Shoals Technologies Group (NASDAQ:SHLS) Price Target to $36.00

Shoals Technologies Group (NASDAQ:SHLSGet Rating) had its price objective upped by Morgan Stanley from $33.00 to $36.00 in a research report sent to investors on Thursday morning, Stock Target Advisor reports. The brokerage currently has an equal weight rating on the stock.

Several other research firms also recently weighed in on SHLS. Guggenheim downgraded shares of Shoals Technologies Group from a buy rating to a neutral rating in a research report on Friday, September 9th. They noted that the move was a valuation call. JPMorgan Chase & Co. upped their price target on shares of Shoals Technologies Group from $31.00 to $35.00 and gave the stock an overweight rating in a research report on Monday, August 8th. UBS Group upped their price target on shares of Shoals Technologies Group to $27.00 in a research report on Thursday, June 9th. Credit Suisse Group reduced their price target on shares of Shoals Technologies Group from $25.00 to $20.00 and set an outperform rating for the company in a research report on Monday, July 25th. Finally, Roth Capital increased their price objective on shares of Shoals Technologies Group from $20.00 to $40.00 in a report on Tuesday, August 16th. One 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 stock. Based on data from MarketBeat, Shoals Technologies Group currently has a consensus rating of Hold and an average target price of $28.86.

Shoals Technologies Group Trading Down 8.1 %

SHLS stock opened at $21.19 on Thursday. The company’s 50-day simple moving average is $23.59 and its 200-day simple moving average is $18.56. The company has a quick ratio of 1.66, a current ratio of 2.83 and a debt-to-equity ratio of 32.54. Shoals Technologies Group has a 52-week low of $9.58 and a 52-week high of $36.86. The firm has a market cap of $3.54 billion, a P/E ratio of 529.88 and a beta of 2.17.

Shoals Technologies Group (NASDAQ:SHLSGet Rating) last posted its earnings results on Monday, August 15th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. Shoals Technologies Group had a net margin of 3.08% and a negative return on equity of 709.22%. The business had revenue of $73.49 million for the quarter, compared to analyst estimates of $72.89 million. During the same period in the prior year, the company posted $0.08 EPS. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities analysts forecast that Shoals Technologies Group will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other news, CEO Jason R. Whitaker sold 8,333 shares of the firm’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $26.05, for a total value of $217,074.65. Following the sale, the chief executive officer now directly owns 699,285 shares in the company, valued at approximately $18,216,374.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Jason R. Whitaker sold 8,333 shares of Shoals Technologies Group stock in a transaction on Friday, August 19th. The shares were sold at an average price of $26.05, for a total transaction of $217,074.65. Following the sale, the chief executive officer now directly owns 699,285 shares in the company, valued at approximately $18,216,374.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Mehgan Peetz sold 2,034 shares of Shoals Technologies Group stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $24.87, for a total transaction of $50,585.58. Following the sale, the general counsel now owns 90,395 shares in the company, valued at $2,248,123.65. The disclosure for this sale can be found here. Insiders sold 22,403 shares of company stock valued at $571,282 in the last 90 days. Company insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently bought and sold shares of SHLS. DekaBank Deutsche Girozentrale increased its stake in Shoals Technologies Group by 444.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 417,800 shares of the company’s stock valued at $7,483,000 after purchasing an additional 341,000 shares during the period. IndexIQ Advisors LLC purchased a new stake in shares of Shoals Technologies Group in the first quarter valued at about $364,000. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Shoals Technologies Group by 104.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 722,496 shares of the company’s stock valued at $12,311,000 after acquiring an additional 369,948 shares in the last quarter. NN Investment Partners Holdings N.V. boosted its holdings in shares of Shoals Technologies Group by 107.5% in the first quarter. NN Investment Partners Holdings N.V. now owns 1,946,000 shares of the company’s stock valued at $33,160,000 after acquiring an additional 1,008,000 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in shares of Shoals Technologies Group by 46.2% in the fourth quarter. Teacher Retirement System of Texas now owns 20,422 shares of the company’s stock valued at $496,000 after acquiring an additional 6,458 shares in the last quarter. 63.34% of the stock is currently owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for Shoals Technologies Group (NASDAQ:SHLS)

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