Shoals Technologies Group (NASDAQ:SHLS) Price Target Raised to $11.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target increased by TD Cowen from $9.50 to $11.00 in a report released on Wednesday, Marketbeat Ratings reports. They currently have a buy rating on the stock.

SHLS has been the subject of several other reports. Royal Bank of Canada reiterated an “outperform” rating and set a $11.00 target price on shares of Shoals Technologies Group in a research report on Friday, September 6th. Truist Financial dropped their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Northland Securities dropped their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research report on Thursday, August 8th. JPMorgan Chase & Co. dropped their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.92.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $4.56 on Wednesday. The company has a 50 day moving average of $5.54 and a 200 day moving average of $6.21. The stock has a market cap of $759.91 million, a P/E ratio of 22.80, a P/E/G ratio of 0.73 and a beta of 1.73. Shoals Technologies Group has a 12 month low of $4.53 and a 12 month high of $17.50. The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue was down 23.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 EPS. As a group, sell-side analysts forecast that Shoals Technologies Group will post 0.28 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew 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 worth $184,825,000 after buying an additional 171,273 shares during the period. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after buying an additional 1,666,691 shares during the period. Point72 Asset Management L.P. grew its position in shares of Shoals Technologies Group by 460.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after buying an additional 5,622,207 shares during the period. Joho Capital LLC grew its position 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 worth $71,815,000 after buying an additional 3,387,539 shares during the period. Finally, Erste Asset Management GmbH purchased a new stake in shares of Shoals Technologies Group in the 3rd quarter worth about $20,191,000.

Shoals Technologies Group Company Profile

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.