Truist Financial Lowers Shoals Technologies Group (NASDAQ:SHLS) Price Target to $8.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price trimmed by Truist Financial from $10.00 to $8.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also recently issued reports about the company. Jefferies Financial Group initiated coverage on Shoals Technologies Group in a research note on Wednesday. They issued a hold rating and a $5.00 price target for the company. Royal Bank of Canada reissued an outperform rating and issued a $11.00 target price on shares of Shoals Technologies Group in a research note on Friday. Citigroup lowered shares of Shoals Technologies Group from a buy rating to a sell rating and dropped their price target for the stock from $15.00 to $5.00 in a research report on Tuesday, July 2nd. Barclays cut their price target on shares of Shoals Technologies Group from $10.00 to $7.00 and set an equal weight rating for the company in a research note on Thursday, August 8th. Finally, BNP Paribas lowered shares of Shoals Technologies Group from an outperform rating to a neutral rating and lowered their price objective for the stock from $15.00 to $7.00 in a research note on Wednesday, August 7th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $11.06.

Shoals Technologies Group Price Performance

NASDAQ SHLS opened at $5.65 on Friday. The firm’s 50 day moving average is $5.92 and its 200-day moving average is $8.25. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $962.87 million, a PE ratio of 31.39, a price-to-earnings-growth ratio of 0.73 and a beta of 1.74. Shoals Technologies Group has a 12-month low of $4.88 and a 12-month high of $22.40.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The firm had revenue of $99.25 million for the quarter, compared to analyst estimates of $90.57 million. During the same period in the previous year, the business earned $0.12 EPS. The company’s revenue was down 16.7% compared to the same quarter last year. Equities research analysts anticipate that Shoals Technologies Group will post 0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in Shoals Technologies Group by 1.0% during the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after buying an additional 171,273 shares in the last quarter. Wellington Management Group LLP increased its stake in Shoals Technologies Group by 28.5% during the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after acquiring an additional 2,864,879 shares during the period. William Blair Investment Management LLC increased its stake in Shoals Technologies Group by 71.6% during the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after acquiring an additional 4,263,964 shares during the period. Clearbridge Investments LLC increased its stake in Shoals Technologies Group by 2.7% during the 4th quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after acquiring an additional 233,377 shares during the period. Finally, Joho Capital LLC increased its stake in 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.

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.