Shoals Technologies Group (NASDAQ:SHLS) Given New $6.00 Price Target at Roth Mkm

Shoals Technologies Group (NASDAQ:SHLS) had its price target lowered by Roth Mkm from $7.00 to $6.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other equities analysts have also recently weighed in on the stock. Barclays dropped their price target on shares of Shoals Technologies Group from $10.00 to $7.00 and set an equal weight rating on the stock in a research report on Thursday, August 8th. UBS Group decreased their price objective on shares of Shoals Technologies Group from $12.00 to $9.00 and set a buy rating for the company in a research note on Wednesday, August 7th. Jefferies Financial Group began coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a hold rating and a $5.00 price objective for the company. Roth Capital lowered shares of Shoals Technologies Group from a hold rating to a strong sell rating in a research note on Wednesday, August 7th. Finally, Citigroup lowered shares of Shoals Technologies Group from a buy rating to a sell rating and decreased their price objective for the company from $15.00 to $5.00 in a research note on Tuesday, July 2nd. Four analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $11.06.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $5.82 on Friday. Shoals Technologies Group has a fifty-two week low of $4.88 and a fifty-two week high of $22.40. The stock has a market cap of $969.90 million, a price-to-earnings ratio of 32.34, a PEG ratio of 0.81 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. The firm’s 50-day simple moving average is $5.91 and its 200 day simple moving average is $8.09.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share 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 business had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. During the same quarter last year, the firm earned $0.12 EPS. The firm’s revenue for the quarter was down 16.7% compared to the same quarter last year. As a group, research analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently modified their holdings of the stock. William Blair Investment Management LLC grew its stake in Shoals Technologies Group by 71.6% in the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after buying an additional 4,263,964 shares in the last quarter. Joho Capital LLC grew its stake in Shoals Technologies Group by 111.6% in the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after buying an additional 3,387,539 shares in the last quarter. Wellington Management Group LLP grew its stake in Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after buying an additional 2,864,879 shares in the last quarter. Millennium Management LLC grew its stake in 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 buying an additional 2,442,227 shares in the last quarter. Finally, Swedbank AB purchased a new position in Shoals Technologies Group in the 1st 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.