Shoals Technologies Group (NASDAQ:SHLS) PT Lowered to $27.00

Shoals Technologies Group (NASDAQ:SHLS – Get Rating) had its price target dropped by investment analysts at Barclays from $30.00 to $27.00 in a research note issued to investors on Friday, The Fly reports. Barclays‘s price target suggests a potential upside of 34.26% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. boosted their target price on shares of Shoals Technologies Group from $35.00 to $36.00 in a report on Thursday, December 8th. Northland Securities lowered shares of Shoals Technologies Group from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $30.00 to $27.00 in a report on Wednesday, March 1st. Cantor Fitzgerald began coverage on shares of Shoals Technologies Group in a report on Wednesday, January 25th. They set a “neutral” rating and a $30.00 target price on the stock. Credit Suisse Group reissued an “outperform” rating and set a $29.00 target price on shares of Shoals Technologies Group in a report on Monday, March 6th. Finally, Cowen reduced their target price on shares of Shoals Technologies Group from $37.50 to $35.00 and set an “outperform” rating on the stock in a report on Friday, January 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Shoals Technologies Group currently has a consensus rating of “Hold” and a consensus price target of $31.03.

Shoals Technologies Group Price Performance

SHLS stock opened at $20.11 on Friday. The company has a quick ratio of 1.53, a current ratio of 2.92 and a debt-to-equity ratio of 0.79. Shoals Technologies Group has a 12 month low of $9.58 and a 12 month high of $32.43. The firm has a market cap of $3.41 billion, a P/E ratio of 24.23 and a beta of 2.17. The company’s 50-day moving average price is $25.48 and its two-hundred day moving average price is $24.63.

Insider Transactions at Shoals Technologies Group

In other news, CEO Jason R. Whitaker sold 12,054 shares of the business’s stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $28.58, for a total value of $344,503.32. Following the transaction, the chief executive officer now owns 543,180 shares in the company, valued at approximately $15,524,084.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, General Counsel Mehgan Peetz sold 3,954 shares of the business’s stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $21.09, for a total transaction of $83,389.86. Following the transaction, the general counsel now owns 90,654 shares in the company, valued at approximately $1,911,892.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jason R. Whitaker sold 12,054 shares of the business’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $28.58, for a total transaction of $344,503.32. Following the transaction, the chief executive officer now owns 543,180 shares in the company, valued at approximately $15,524,084.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,747,894 shares of company stock worth $599,705,195. Company insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

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

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.