Shoals Technologies Group (NASDAQ:SHLS) Given New $12.00 Price Target at JPMorgan Chase & Co.

Shoals Technologies Group (NASDAQ:SHLS) had its target price lowered by analysts at JPMorgan Chase & Co. from $14.00 to $12.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 137.62% from the stock’s previous close.

A number of other equities research analysts also recently commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $11.00 target price on shares of Shoals Technologies Group in a research report on Friday, September 6th. Piper Sandler upped their price objective on Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Oppenheimer lowered their target price on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 price target on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Finally, Barclays reiterated an “equal weight” rating and issued a $7.00 price objective on shares of Shoals Technologies Group in a research note on Thursday, October 10th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $12.55.

Shoals Technologies Group Stock Down 1.6 %

Shares of SHLS stock traded down $0.08 during mid-day trading on Thursday, hitting $5.05. The company’s stock had a trading volume of 612,224 shares, compared to its average volume of 4,950,223. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. Shoals Technologies Group has a 52-week low of $4.85 and a 52-week high of $17.50. The stock has a market cap of $860.62 million, a price-to-earnings ratio of 28.06, a PEG ratio of 0.74 and a beta of 1.74. The business has a 50-day moving average price of $5.58 and a 200 day moving average price of $6.81.

Shoals Technologies Group (NASDAQ:SHLS) last posted its 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. The business had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business’s revenue for the quarter was down 16.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.12 EPS. Research analysts predict that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SHLS. Vanguard Group Inc. increased its holdings in shares of Shoals Technologies Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after purchasing an additional 171,273 shares during the last quarter. William Blair Investment Management LLC increased 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 worth $114,278,000 after acquiring an additional 4,263,964 shares during the last quarter. Joho Capital LLC raised 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 in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Shoals Technologies Group by 30.1% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company’s stock valued at $57,050,000 after acquiring an additional 1,179,834 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Shoals Technologies Group by 262.8% in the second 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 in 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.