Royal Bank of Canada Has Lowered Expectations for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its target price reduced by Royal Bank of Canada from $9.00 to $7.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other research firms have also commented on SHLS. Roth Mkm cut their price objective on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. dropped their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Morgan Stanley upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a research report on Tuesday, December 17th. The Goldman Sachs Group dropped their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Bank of America assumed coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 target price for the company. Three analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $8.95.

Shoals Technologies Group Price Performance

SHLS stock opened at $3.88 on Wednesday. The firm has a 50 day moving average of $4.89 and a 200-day moving average of $5.16. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 12 month low of $3.73 and a 12 month high of $16.19. The firm has a market capitalization of $646.79 million, a P/E ratio of 19.40, a price-to-earnings-growth ratio of 0.52 and a beta of 1.62.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. During the same quarter last year, the business posted $0.12 earnings per share. Shoals Technologies Group’s revenue was down 17.9% compared to the same quarter last year. As a group, sell-side analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. FMR LLC increased its stake in shares of Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after buying an additional 1,906 shares during the period. Empirical Asset Management LLC purchased a new position in shares of Shoals Technologies Group in the fourth quarter worth $59,000. TrinityPoint Wealth LLC purchased a new position in shares of Shoals Technologies Group in the third quarter worth $60,000. American Trust purchased a new position in shares of Shoals Technologies Group in the fourth quarter worth $72,000. Finally, 49 Wealth Management LLC purchased a new position in shares of Shoals Technologies Group in the fourth quarter worth $74,000.

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.