Shoals Technologies Group (NASDAQ:SHLS) Price Target Lowered to $7.00 at Royal Bank of Canada

Shoals Technologies Group (NASDAQ:SHLS) had its price objective lowered by equities researchers at Royal Bank of Canada from $9.00 to $7.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 67.62% from the stock’s current price.

Several other equities analysts have also recently weighed in on SHLS. Piper Sandler lowered their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Truist Financial decreased 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 note on Thursday, January 16th. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target for the company in a report on Tuesday, December 17th. TD Cowen upped their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Roth Mkm lowered their price target on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $9.15.

Shoals Technologies Group Price Performance

Shares of SHLS stock traded down $0.09 during trading hours on Wednesday, hitting $4.18. 2,544,766 shares of the company’s stock were exchanged, compared to its average volume of 6,530,261. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $696.14 million, a PE ratio of 21.03, a PEG ratio of 0.52 and a beta of 1.62. The business’s 50 day simple moving average is $4.90 and its 200-day simple moving average is $5.17. Shoals Technologies Group has a 12-month low of $3.73 and a 12-month high of $16.19.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The business had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company’s revenue was down 17.9% on a year-over-year basis. During the same period last year, the business earned $0.12 earnings per share. On average, equities research analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 14.6% during the third 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 in the last quarter. Point72 Europe London LLP acquired a new position in shares of Shoals Technologies Group in the third quarter worth about $1,461,000. Erste Asset Management GmbH acquired a new position in shares of Shoals Technologies Group in the 3rd quarter valued at about $20,191,000. Roubaix Capital LLC acquired a new position in shares of Shoals Technologies Group during the 3rd quarter worth $2,156,000. Finally, Verition Fund Management LLC boosted its holdings in Shoals Technologies Group by 938.3% during the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock valued at $12,629,000 after acquiring an additional 2,034,291 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.