Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $16.00 by Analysts at Mizuho

Shoals Technologies Group (NASDAQ:SHLS) had its price objective lowered by Mizuho from $18.00 to $16.00 in a research note released on Friday, Benzinga reports. Mizuho currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on SHLS. Janney Montgomery Scott initiated coverage on Shoals Technologies Group in a research report on Friday, January 19th. They issued a buy rating and a $20.00 price target for the company. Royal Bank of Canada decreased their price objective on Shoals Technologies Group from $20.00 to $17.00 and set an outperform rating for the company in a research report on Thursday, February 29th. The Goldman Sachs Group decreased their price objective on Shoals Technologies Group from $26.00 to $23.00 and set a buy rating for the company in a research report on Friday, March 1st. Piper Sandler decreased their price objective on Shoals Technologies Group from $16.00 to $14.00 and set an overweight rating for the company in a research report on Thursday, April 11th. Finally, Cantor Fitzgerald restated an overweight rating and set a $24.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, March 13th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $20.94.

Shoals Technologies Group Trading Up 1.7 %

NASDAQ:SHLS opened at $8.43 on Friday. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. Shoals Technologies Group has a 1-year low of $8.06 and a 1-year high of $28.34. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 33.72 and a beta of 1.79. The stock has a fifty day simple moving average of $12.20 and a 200 day simple moving average of $13.86.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The company had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Sell-side analysts forecast that Shoals Technologies Group will post 0.51 earnings per share for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in SHLS. Vanguard Group Inc. raised its stake in shares of Shoals Technologies Group by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock valued at $254,241,000 after acquiring an additional 225,464 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after acquiring an additional 2,864,879 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of Shoals Technologies Group by 2.7% in the 4th quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock valued at $139,502,000 after acquiring an additional 233,377 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Shoals Technologies Group by 28.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock valued at $116,217,000 after acquiring an additional 1,402,419 shares in the last quarter. Finally, William Blair Investment Management LLC increased its position in Shoals Technologies Group by 25.1% in the 3rd quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock worth $108,310,000 after buying an additional 1,190,411 shares during the period.

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.