The Goldman Sachs Group Issues Positive Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its price objective raised by stock analysts at The Goldman Sachs Group from $5.00 to $6.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 24.48% from the company’s previous close.

Other analysts have also issued reports about the company. JPMorgan Chase & Co. cut their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. Piper Sandler cut their target price on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Roth Mkm lowered their price target on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Truist Financial decreased their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Finally, Wolfe Research initiated coverage on Shoals Technologies Group in a research report on Tuesday, February 18th. They issued a “peer perform” rating on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group has a consensus rating of “Moderate Buy” and a consensus target price of $8.82.

Shoals Technologies Group Stock Performance

SHLS opened at $4.82 on Wednesday. Shoals Technologies Group has a twelve month low of $2.71 and a twelve month high of $8.52. The stock has a market cap of $804.92 million, a PE ratio of 24.10, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52. The business’s 50 day moving average is $3.41 and its 200-day moving average is $4.38. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The business had revenue of $80.36 million during the quarter, compared to the consensus estimate of $74.66 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue for the quarter was down 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.07 earnings per share. On average, analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the sale, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders have sold 40,575 shares of company stock worth $123,957. Corporate insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Large investors have recently bought and sold shares of the business. Impax Asset Management Group plc boosted its stake in Shoals Technologies Group by 126.3% in the fourth quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company’s stock worth $19,083,000 after purchasing an additional 1,935,983 shares in the last quarter. RWC Asset Management LLP acquired a new position in Shoals Technologies Group during the 4th quarter worth about $1,891,000. Erste Asset Management GmbH lifted its position in Shoals Technologies Group by 3.7% during the 4th quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company’s stock worth $20,269,000 after buying an additional 128,664 shares in the last quarter. Franklin Resources Inc. grew its holdings in Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after acquiring an additional 658,617 shares during the last quarter. Finally, Decade Renewable Partners LP acquired a new stake in Shoals Technologies Group in the 4th quarter valued at about $1,300,000.

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.