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

Shoals Technologies Group (NASDAQ:SHLS) had its price target decreased by investment analysts at Morgan Stanley from $8.00 to $7.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 53.51% from the company’s current price.

Several other research firms have also commented on SHLS. Oppenheimer dropped their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Jefferies Financial Group initiated coverage on shares of Shoals Technologies Group in a report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price target on the stock. UBS Group decreased their price objective 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, August 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $11.00 target price on shares of Shoals Technologies Group in a research note on Friday, September 6th. Finally, BNP Paribas lowered Shoals Technologies Group from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $15.00 to $7.00 in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.92.

Shoals Technologies Group Stock Down 12.6 %

Shares of NASDAQ SHLS opened at $4.56 on Friday. The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 12-month low of $4.53 and a 12-month high of $17.50. The firm’s 50-day moving average price is $5.54 and its 200-day moving average price is $6.19. The stock has a market capitalization of $759.92 million, a price-to-earnings ratio of 22.80, a P/E/G ratio of 0.67 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company 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 9.83%. The company’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter last year, the company earned $0.16 earnings per share. On average, equities research analysts anticipate that Shoals Technologies Group will post 0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors have recently bought and sold shares of SHLS. M&G Plc purchased a new position in shares of Shoals Technologies Group in the 2nd quarter valued at $7,021,000. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Shoals Technologies Group by 104.1% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after purchasing an additional 69,193 shares during the last quarter. Swedbank AB bought a new position in Shoals Technologies Group in the first quarter worth about $25,268,000. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Shoals Technologies Group by 146.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after buying an additional 93,400 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Shoals Technologies Group by 34.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after buying an additional 690,344 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.