Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $12.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price lowered by equities research analysts at Barclays from $13.00 to $12.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective indicates a potential upside of 61.73% from the stock’s previous close.

SHLS has been the topic of a number of other research reports. The Goldman Sachs Group reduced their price target on Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Roth Mkm cut Shoals Technologies Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $15.00 to $8.00 in a report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Royal Bank of Canada dropped their price target on shares of 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. Finally, Truist Financial reissued a “buy” rating and set a $20.00 price objective (down from $23.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS traded down $0.09 on Thursday, hitting $7.42. The company had a trading volume of 2,241,142 shares, compared to its average volume of 3,937,090. The company has a market cap of $1.26 billion, a PE ratio of 30.20 and a beta of 1.86. The business has a 50 day moving average of $10.50 and a 200 day moving average of $13.25. Shoals Technologies Group has a 52-week low of $7.27 and a 52-week high of $28.34. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). The firm had revenue of $130.44 million for the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. As a group, equities analysts anticipate that Shoals Technologies Group will post 0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Blair William & Co. IL lifted its position in shares of Shoals Technologies Group by 81.9% during the first quarter. Blair William & Co. IL now owns 37,909 shares of the company’s stock worth $424,000 after purchasing an additional 17,064 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Shoals Technologies Group by 30.1% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company’s stock worth $57,050,000 after buying an additional 1,179,834 shares during the period. Edmond DE Rothschild Holding S.A. lifted its holdings in Shoals Technologies Group by 9.9% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 220,181 shares of the company’s stock worth $2,462,000 after buying an additional 19,879 shares in the last quarter. William Blair Investment Management LLC boosted its position in Shoals Technologies Group by 71.6% in the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after buying an additional 4,263,964 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Shoals Technologies Group by 6.3% during the first quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock valued at $459,000 after acquiring an additional 2,427 shares in the last quarter.

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.