Morgan Stanley 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 Morgan Stanley from $8.00 to $7.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 34.10% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Barclays decreased their price objective on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They set an “equal weight” rating and a $46.00 price target on the stock. Finally, BNP Paribas cut shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $15.00 to $7.00 in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $11.92.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $5.22 on Friday. The stock has a 50-day moving average price of $5.56 and a 200 day moving average price of $6.24. The stock has a market capitalization of $869.91 million, a P/E ratio of 26.10, a P/E/G ratio of 0.73 and a beta of 1.73. Shoals Technologies Group has a 12-month low of $4.64 and a 12-month high of $17.50. 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 (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter in the previous year, the business earned $0.16 EPS. The company’s quarterly revenue was down 23.8% on a year-over-year basis. Equities research analysts forecast that Shoals Technologies Group will post 0.28 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently modified their holdings of SHLS. Quantbot Technologies LP purchased a new position in Shoals Technologies Group during the 1st quarter worth $217,000. ProShare Advisors LLC raised its holdings in shares of Shoals Technologies Group by 6.3% in the first quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock valued at $459,000 after acquiring an additional 2,427 shares in the last quarter. Blair William & Co. IL lifted its stake in Shoals Technologies Group by 81.9% in the first quarter. Blair William & Co. IL now owns 37,909 shares of the company’s stock worth $424,000 after acquiring an additional 17,064 shares during the period. Vanguard Group Inc. grew its holdings in Shoals Technologies Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after acquiring an additional 171,273 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in Shoals Technologies Group by 15.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 436,340 shares of the company’s stock valued at $4,878,000 after purchasing an additional 59,967 shares during the period.

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.