Mizuho Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $16.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target cut by Mizuho from $18.00 to $16.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Mizuho’s price objective would suggest a potential upside of 93.00% from the stock’s current price.

A number of other equities analysts also recently weighed in on the company. Barclays reduced their price target on Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 5th. UBS Group reduced their price target on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $24.00 price target on shares of Shoals Technologies Group in a research report on Wednesday, March 13th. Oppenheimer dropped their price objective on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Finally, Janney Montgomery Scott assumed coverage on Shoals Technologies Group in a research note on Friday, January 19th. They set a “buy” rating and a $20.00 price objective on the stock. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.94.

Shoals Technologies Group Trading Up 1.0 %

NASDAQ:SHLS traded up $0.08 on Friday, hitting $8.29. 1,378,276 shares of the stock were exchanged, compared to its average volume of 3,858,401. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 33.48 and a beta of 1.79. The company’s 50-day moving average price is $12.54 and its 200 day moving average price is $14.00. Shoals Technologies Group has a 52 week low of $8.06 and a 52 week high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The business had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. On average, equities research analysts forecast that Shoals Technologies Group will post 0.51 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SHLS. Alliancebernstein L.P. grew its position in Shoals Technologies Group by 4,053.2% in the fourth quarter. Alliancebernstein L.P. now owns 5,254,717 shares of the company’s stock valued at $129,634,000 after acquiring an additional 5,128,195 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Shoals Technologies Group by 23.6% during the first quarter. BlackRock Inc. now owns 16,288,180 shares of the company’s stock worth $371,208,000 after purchasing an additional 3,112,106 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Shoals Technologies Group by 28.5% during the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after purchasing an additional 2,864,879 shares during the last quarter. Norges Bank bought a new stake in shares of Shoals Technologies Group during the fourth quarter worth about $31,416,000. Finally, Handelsbanken Fonder AB grew its holdings in shares of Shoals Technologies Group by 301.5% during the fourth quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after purchasing an additional 1,894,560 shares during 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.