Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $15.00 by Analysts at Roth Mkm

Shoals Technologies Group (NASDAQ:SHLS) had its target price reduced by Roth Mkm from $20.00 to $15.00 in a report released on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently weighed in on SHLS. Royal Bank of Canada decreased their target price on Shoals Technologies Group from $20.00 to $17.00 and set an outperform rating for the company in a research note on Thursday, February 29th. Mizuho cut their target price on Shoals Technologies Group from $18.00 to $16.00 and set a buy rating on the stock in a research report on Friday, April 19th. UBS Group dropped their price target on Shoals Technologies Group from $28.00 to $20.00 and set a buy rating on the stock in a research note on Friday, March 1st. Truist Financial restated a buy rating and set a $20.00 target price (down from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Shoals Technologies Group from $32.00 to $26.00 and set an overweight rating on the stock in a research report on Thursday, February 29th. Four equities research 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, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $19.61.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $8.80 on Tuesday. Shoals Technologies Group has a 52 week low of $8.06 and a 52 week high of $28.34. The firm has a 50 day moving average of $10.79 and a two-hundred day moving average of $13.34. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $1.50 billion, a PE ratio of 35.20 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.04). The firm had revenue of $130.44 million for the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. On average, research analysts predict that Shoals Technologies Group will post 0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SHLS. Wellington Management Group LLP lifted its position in shares of Shoals Technologies Group by 38.0% in the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock valued at $183,329,000 after acquiring an additional 2,764,566 shares in the last quarter. 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 buying an additional 1,894,560 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Shoals Technologies Group by 24.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 21,430 shares of the company’s stock valued at $333,000 after buying an additional 4,261 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock valued at $116,217,000 after buying an additional 1,402,419 shares during the period. Finally, Glenmede Trust Co. NA purchased a new stake in Shoals Technologies Group in the 3rd quarter worth approximately $206,000.

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.