Shoals Technologies Group (NASDAQ:SHLS) Earns Hold Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a report released on Wednesday morning, Marketbeat.com reports. The brokerage issued a hold rating and a $5.00 price objective on the stock.

Several other research firms also recently commented on SHLS. UBS Group dropped their price target on shares of Shoals Technologies Group from $12.00 to $9.00 and set a buy rating for the company in a research note on Wednesday, August 7th. Roth Mkm downgraded Shoals Technologies Group from a buy rating to a neutral rating and cut their price target for the stock from $15.00 to $8.00 in a report on Wednesday, May 8th. Citigroup cut Shoals Technologies Group from a buy rating to a sell rating and decreased their price objective for the company from $15.00 to $5.00 in a research note on Tuesday, July 2nd. Royal Bank of Canada cut their target price on shares of Shoals Technologies Group from $15.00 to $13.00 and set an outperform rating on the stock in a research note on Monday, July 8th. Finally, TD Cowen reduced 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 report on Wednesday, May 8th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $11.06.

Shoals Technologies Group Stock Performance

Shares of Shoals Technologies Group stock opened at $5.65 on Wednesday. The stock has a market capitalization of $962.87 million, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 0.73 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The business has a 50-day moving average of $5.92 and a 200 day moving average of $8.25. Shoals Technologies Group has a 12 month low of $4.88 and a 12 month high of $22.40.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. The business had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business’s quarterly revenue was down 16.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 earnings per share. As a group, sell-side analysts forecast that Shoals Technologies Group will post 0.31 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Shoals Technologies Group by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after purchasing an additional 171,273 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Shoals Technologies Group by 28.5% in the fourth 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 during the period. William Blair Investment Management LLC grew its position in shares of Shoals Technologies Group by 71.6% during the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after acquiring an additional 4,263,964 shares during the last quarter. Clearbridge Investments LLC grew its position in shares of Shoals Technologies Group by 2.7% during the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after acquiring an additional 233,377 shares during the last quarter. Finally, Joho Capital LLC increased its holdings in shares of Shoals Technologies Group by 111.6% in the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after acquiring an additional 3,387,539 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.