Shoals Technologies Group (NASDAQ:SHLS) Given New $4.00 Price Target at Northland Securities

Shoals Technologies Group (NASDAQ:SHLS) had its price target cut by Northland Securities from $6.00 to $4.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have an underperform rating on the stock.

Several other research firms also recently issued reports on SHLS. Northland Capmk downgraded shares of Shoals Technologies Group from a hold rating to a strong sell rating in a report on Wednesday, May 8th. Citigroup downgraded shares of Shoals Technologies Group from a buy rating to a sell rating and decreased their price objective for the stock from $15.00 to $5.00 in a report on Tuesday, July 2nd. Piper Sandler decreased their price objective on shares of Shoals Technologies Group from $11.00 to $8.00 and set an overweight rating for the company in a report on Wednesday. Cantor Fitzgerald cut their target price on shares of Shoals Technologies Group from $24.00 to $14.00 and set an overweight rating for the company in a research note on Wednesday, May 8th. Finally, Roth Mkm cut shares of Shoals Technologies Group from a buy rating to a neutral rating and cut their target price for the company from $15.00 to $8.00 in a research note on Wednesday, May 8th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $11.76.

Shoals Technologies Group Stock Down 3.2 %

SHLS stock traded down $0.17 during trading hours on Thursday, hitting $5.12. The company’s stock had a trading volume of 9,246,900 shares, compared to its average volume of 4,936,422. The company has a quick ratio of 1.87, a current ratio of 2.62 and a debt-to-equity ratio of 0.30. The stock has a 50 day moving average price of $6.51 and a two-hundred day moving average price of $9.63. The company has a market capitalization of $872.55 million, a PE ratio of 28.56 and a beta of 1.76. 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 posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. The business had revenue of $99.25 million during the quarter, compared to the consensus estimate of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.77%. Shoals Technologies Group’s quarterly revenue was down 16.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 EPS. On average, equities research analysts expect that Shoals Technologies Group will post 0.44 earnings per share for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Shoals Technologies Group by 59.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock worth $3,929,000 after purchasing an additional 130,434 shares in the last quarter. Clearbridge Investments LLC grew its holdings 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 last quarter. Eagle Asset Management Inc. grew its holdings in Shoals Technologies Group by 423.6% during the 4th quarter. Eagle Asset Management Inc. now owns 1,185,118 shares of the company’s stock worth $18,417,000 after acquiring an additional 958,793 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after acquiring an additional 1,894,560 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in Shoals Technologies Group by 32.9% during the 4th quarter. First Trust Advisors LP now owns 2,178,531 shares of the company’s stock worth $33,854,000 after acquiring an additional 538,908 shares during the last quarter.

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.