Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $5.00 by Analysts at Barclays

Shoals Technologies Group (NASDAQ:SHLS) had its target price trimmed by Barclays from $7.00 to $5.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their target price for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. JPMorgan Chase & Co. decreased their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Truist Financial decreased their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Roth Capital cut shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group currently has a consensus rating of “Hold” and an average target price of $12.45.

Shoals Technologies Group Price Performance

NASDAQ SHLS opened at $4.95 on Wednesday. Shoals Technologies Group has a 52 week low of $4.64 and a 52 week high of $17.50. The firm has a market capitalization of $824.92 million, a P/E ratio of 24.75, a PEG ratio of 0.71 and a beta of 1.73. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The company has a 50-day moving average price of $5.57 and a 200-day moving average price of $6.24.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The business 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 9.81%. Shoals Technologies Group’s revenue for the quarter was down 23.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.16 EPS. Equities research analysts anticipate that Shoals Technologies Group will post 0.28 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC grew its holdings 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 valued at $33,000 after purchasing an additional 1,906 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Shoals Technologies Group in the first quarter valued at $92,000. 1620 Investment Advisors Inc. purchased a new position in Shoals Technologies Group during the second quarter worth $54,000. Mackenzie Financial Corp purchased a new position in Shoals Technologies Group during the second quarter worth $64,000. Finally, Paloma Partners Management Co purchased a new position in Shoals Technologies Group during the first quarter worth $115,000.

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.