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

Shoals Technologies Group (NASDAQ:SHLS) had its price target cut by UBS Group from $8.00 to $7.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Mizuho cut their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Bank of America started coverage on shares of Shoals Technologies Group in a report on Monday, November 25th. They issued a “buy” rating and a $6.00 price objective for the company. Royal Bank of Canada lowered their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a report on Wednesday. Roth Mkm lowered their price objective on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a report on Wednesday. Finally, Piper Sandler lowered their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group has an average rating of “Hold” and a consensus target price of $8.95.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $3.03 on Wednesday. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 12 month low of $2.91 and a 12 month high of $13.82. The stock has a market cap of $505.10 million, a P/E ratio of 15.15, a P/E/G ratio of 0.52 and a beta of 1.62. The company has a 50 day moving average of $4.83 and a 200 day moving average of $5.14.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 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 during the quarter, compared to analysts’ expectations of $102.16 million. During the same period in the prior year, the firm earned $0.12 EPS. Shoals Technologies Group’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, sell-side analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SHLS. FMR LLC raised its holdings in Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares in the last quarter. Empirical Asset Management LLC bought a new position in Shoals Technologies Group in the 4th quarter worth $59,000. TrinityPoint Wealth LLC bought a new position in Shoals Technologies Group in the 3rd quarter worth $60,000. American Trust bought a new position in Shoals Technologies Group in the 4th quarter worth $72,000. Finally, 49 Wealth Management LLC bought a new position in Shoals Technologies Group in the 4th quarter worth $74,000.

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.