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

Shoals Technologies Group (NASDAQ:SHLS) had its target price trimmed by Morgan Stanley from $8.00 to $7.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other brokerages also recently commented on SHLS. Oppenheimer cut their target price on 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. Truist Financial lowered their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Piper Sandler boosted their price objective on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. TD Cowen upped their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, UBS Group decreased their price target on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $11.92.

Shoals Technologies Group Stock Down 12.6 %

NASDAQ:SHLS traded down $0.66 on Friday, hitting $4.56. The stock had a trading volume of 6,640,935 shares, compared to its average volume of 4,987,975. The company has a quick ratio of 1.50, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The business’s fifty day moving average is $5.54 and its 200 day moving average is $6.21. The company has a market cap of $759.91 million, a PE ratio of 22.80, a P/E/G ratio of 0.73 and a beta of 1.73. Shoals Technologies Group has a 52 week low of $4.53 and a 52 week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue was down 23.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 EPS. On average, equities research analysts expect that Shoals Technologies Group will post 0.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. boosted its stake in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after purchasing an additional 5,622,207 shares in the last quarter. Erste Asset Management GmbH bought a new stake in Shoals Technologies Group during the 3rd quarter valued at approximately $20,191,000. Joho Capital LLC grew its holdings in shares of Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after acquiring an additional 3,387,539 shares during the period. Millennium Management LLC lifted its stake in shares of Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after purchasing an additional 2,442,227 shares during the period. Finally, Swedbank AB bought a new stake in shares of Shoals Technologies Group during the first quarter valued at approximately $25,268,000.

Shoals Technologies Group Company Profile

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.