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

Shoals Technologies Group (NASDAQ:SHLS) had its target price dropped by investment analysts at UBS Group from $8.00 to $7.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price target indicates a potential upside of 72.63% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Guggenheim cut their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Barclays dropped their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Roth Mkm reduced their price objective on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday. Royal Bank of Canada dropped their price target on Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Piper Sandler lowered their target price on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $8.95.

Shoals Technologies Group Trading Down 5.0 %

Shares of Shoals Technologies Group stock traded down $0.22 during trading on Wednesday, hitting $4.06. 3,580,738 shares of the company were exchanged, compared to its average volume of 6,558,996. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The firm’s fifty day moving average price is $4.90 and its 200 day moving average price is $5.17. Shoals Technologies Group has a 1-year low of $3.73 and a 1-year high of $16.19. The firm has a market capitalization of $675.96 million, a P/E ratio of 20.23, a price-to-earnings-growth ratio of 0.52 and a beta of 1.62.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data 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). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. During the same quarter last year, the business earned $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 expect that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP increased its stake 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 acquiring an additional 1,666,691 shares during the period. Point72 Europe London LLP purchased a new position in shares of Shoals Technologies Group in the 3rd quarter valued at $1,461,000. Erste Asset Management GmbH purchased a new position in shares of Shoals Technologies Group in the 3rd quarter valued at $20,191,000. Roubaix Capital LLC purchased a new stake in Shoals Technologies Group during the 3rd quarter worth $2,156,000. Finally, Verition Fund Management LLC grew its holdings in Shoals Technologies Group by 938.3% during the 3rd quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after acquiring an additional 2,034,291 shares in the last quarter.

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.