Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $13.00

Shoals Technologies Group (NASDAQ:SHLS) had its price objective decreased by analysts at Mizuho from $16.00 to $13.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Mizuho’s target price would indicate a potential upside of 47.73% from the company’s previous close.

Several other brokerages have also recently commented on SHLS. Cantor Fitzgerald reiterated an “overweight” rating and set a $24.00 price target on shares of Shoals Technologies Group in a research report on Wednesday, March 13th. TD Cowen decreased their target price on shares of Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday. Truist Financial reaffirmed a “buy” rating and issued a $20.00 price objective (down from $23.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Roth Mkm downgraded shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating and cut their target price for the stock from $15.00 to $8.00 in a research note on Wednesday. Finally, Oppenheimer reduced their price target on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.44.

Shoals Technologies Group Stock Down 0.6 %

Shoals Technologies Group stock opened at $8.80 on Wednesday. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 35.20 and a beta of 1.86. The business’s 50-day moving average price is $10.79 and its 200 day moving average price is $13.34. Shoals Technologies Group has a 52 week low of $8.06 and a 52 week high of $28.34.

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 return on equity of 16.02% and a net margin of 8.18%. The business had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. As a group, sell-side analysts anticipate that Shoals Technologies Group will post 0.5 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors have recently modified their holdings of the business. Wellington Management Group LLP raised its stake in shares of Shoals Technologies Group by 38.0% during the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock worth $183,329,000 after purchasing an additional 2,764,566 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after acquiring an additional 1,894,560 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Shoals Technologies Group by 24.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 21,430 shares of the company’s stock worth $333,000 after purchasing an additional 4,261 shares in the last quarter. JPMorgan Chase & Co. grew its stake in 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 during the last quarter. Finally, Glenmede Trust Co. NA acquired a new stake in shares of Shoals Technologies Group in the third quarter valued at approximately $206,000.

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.