Morgan Stanley Reaffirms Equal Weight Rating for Shoals Technologies Group (NASDAQ:SHLS)

Shoals Technologies Group (NASDAQ:SHLS)‘s stock had its “equal weight” rating reiterated by Morgan Stanley in a note issued to investors on Tuesday, MarketBeat reports. They currently have a $9.50 price objective on the stock, down from their prior price objective of $11.00. Morgan Stanley’s target price points to a potential upside of 12.83% from the stock’s current price.

A number of other equities analysts have also recently issued reports on SHLS. Zacks Research cut Shoals Technologies Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Needham & Company LLC started coverage on Shoals Technologies Group in a report on Wednesday, October 22nd. They set a “buy” rating and a $12.00 price target on the stock. Roth Capital reaffirmed a “buy” rating and issued a $15.00 price objective (up previously from $10.00) on shares of Shoals Technologies Group in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Shoals Technologies Group in a report on Tuesday, October 14th. Finally, UBS Group boosted their target price on shares of Shoals Technologies Group from $9.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Twelve equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $8.76.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $8.42 on Tuesday. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 42.10, a PEG ratio of 1.06 and a beta of 1.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.19 and a quick ratio of 1.53. The firm has a 50 day simple moving average of $9.02 and a 200 day simple moving average of $7.09. Shoals Technologies Group has a one year low of $2.71 and a one year high of $11.36.

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

Insider Activity

In other news, CFO Dominic Bardos sold 4,170 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $7.83, for a total value of $32,651.10. Following the transaction, the chief financial officer owned 412,289 shares in the company, valued at approximately $3,228,222.87. The trade was a 1.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted 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 buying an additional 5,910 shares during the period. State of Alaska Department of Revenue bought a new position in shares of Shoals Technologies Group in the 3rd quarter worth about $54,000. Savant Capital LLC bought a new position in shares of Shoals Technologies Group in the 2nd quarter worth about $50,000. Ethic Inc. acquired a new position in shares of Shoals Technologies Group in the 2nd quarter valued at about $54,000. Finally, Virtu Financial LLC bought a new stake in shares of Shoals Technologies Group during the 1st quarter valued at about $46,000.

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.