Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $7.00 by Analysts at UBS Group

Shoals Technologies Group (NASDAQ:SHLS) had its target price lowered by UBS Group from $8.00 to $7.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

SHLS has been the topic of several other research reports. The Goldman Sachs Group reduced their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday. Wolfe Research started coverage on Shoals Technologies Group in a research report on Tuesday, February 18th. They issued a “peer perform” rating for the company. Barclays dropped their price target on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Mizuho reduced their price objective on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Finally, Piper Sandler lowered their target price on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $8.95.

Shoals Technologies Group Stock Performance

Shares of SHLS opened at $3.88 on Wednesday. The firm has a market cap of $646.79 million, a price-to-earnings ratio of 19.40, a PEG ratio of 0.52 and a beta of 1.62. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average is $4.89 and its two-hundred day moving average is $5.16. Shoals Technologies Group has a 52-week low of $3.73 and a 52-week high of $16.19.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $107.00 million during the quarter, compared to analyst estimates of $102.16 million. During the same period in the prior year, the company earned $0.12 earnings per share. The company’s revenue was down 17.9% on a year-over-year basis. Analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SHLS. Vanguard Group Inc. grew its position in Shoals Technologies Group by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock valued at $94,915,000 after buying an additional 576,736 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock worth $78,710,000 after acquiring an additional 1,125,938 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after acquiring an additional 5,622,207 shares in the last quarter. Invesco Ltd. increased its stake in shares of Shoals Technologies Group by 20.7% during the fourth quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after acquiring an additional 1,098,577 shares during the period. Finally, Encompass Capital Advisors LLC raised its holdings in Shoals Technologies Group by 14.5% during the fourth quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company’s stock worth $29,919,000 after purchasing an additional 683,642 shares in the last quarter.

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.