Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $7.00

Shoals Technologies Group (NASDAQ:SHLS) had its price objective cut by stock analysts at Barclays from $10.00 to $7.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential upside of 36.72% from the company’s previous close.

Several other analysts have also weighed in on SHLS. BNP Paribas lowered shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $15.00 to $7.00 in a research note on Wednesday. Roth Capital lowered shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 7th. UBS Group decreased 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. Citigroup lowered shares of Shoals Technologies Group from a “buy” rating to a “sell” rating and decreased their price target for the company from $15.00 to $5.00 in a research note on Tuesday, July 2nd. Finally, Roth Mkm lowered shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating and decreased their price target for the company from $15.00 to $8.00 in a research note on Wednesday, May 8th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Shoals Technologies Group has an average rating of “Hold” and a consensus price target of $11.76.

Shoals Technologies Group Trading Down 3.2 %

Shares of NASDAQ:SHLS traded down $0.17 during mid-day trading on Thursday, hitting $5.12. The company had a trading volume of 9,247,242 shares, compared to its average volume of 4,936,422. The firm has a fifty day moving average price of $6.45 and a 200 day moving average price of $9.57. The company has a market capitalization of $872.55 million, a PE ratio of 28.45 and a beta of 1.76. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.62 and a quick ratio of 1.87. Shoals Technologies Group has a one year low of $4.88 and a one year high of $22.40.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. The company had revenue of $99.25 million during the quarter, compared to analyst estimates of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.77%. Shoals Technologies Group’s revenue for the quarter was down 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 EPS. As a group, research analysts forecast that Shoals Technologies Group will post 0.44 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ANTIPODES PARTNERS Ltd boosted its holdings in shares of Shoals Technologies Group by 122.4% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock worth $54,000 after buying an additional 2,638 shares during the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group during the second quarter valued at about $54,000. Versor Investments LP bought a new stake in shares of Shoals Technologies Group during the second quarter valued at about $80,000. Pallas Capital Advisors LLC bought a new stake in shares of Shoals Technologies Group during the second quarter valued at about $90,000. Finally, Headlands Technologies LLC bought a new stake in shares of Shoals Technologies Group during the first quarter valued at about $92,000.

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.