Mizuho Issues Pessimistic Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its price target lowered by investment analysts at Mizuho from $7.00 to $6.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price objective points to a potential upside of 25.39% from the stock’s current price.

A number of other equities research analysts also recently commented on SHLS. Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. Barclays decreased their target price on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Piper Sandler decreased their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Guggenheim decreased their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Finally, Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a research report on Tuesday, December 17th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $9.58.

Shoals Technologies Group Price Performance

NASDAQ:SHLS traded up $0.12 during mid-day trading on Friday, hitting $4.79. 2,385,064 shares of the company’s stock traded hands, compared to its average volume of 7,067,656. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The firm’s 50 day simple moving average is $5.05 and its 200 day simple moving average is $5.49. Shoals Technologies Group has a 1 year low of $4.07 and a 1 year high of $17.50. The company has a market cap of $797.66 million, a PE ratio of 23.88, a price-to-earnings-growth ratio of 0.50 and a beta of 1.64.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.16 earnings per share. Sell-side analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss purchased 22,300 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the purchase, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 6,460 shares of company stock valued at $30,271. Corporate insiders own 1.67% of the company’s stock.

Institutional Trading of Shoals Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in SHLS. Point72 Asset Management L.P. increased its stake in shares of Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after buying an additional 5,622,207 shares during the last quarter. Erste Asset Management GmbH bought a new stake in shares of Shoals Technologies Group in the third quarter worth $20,191,000. Millennium Management LLC increased its stake in Shoals Technologies Group by 262.8% during 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 during the last quarter. Verition Fund Management LLC increased its stake in Shoals Technologies Group by 938.3% during the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock valued at $12,629,000 after purchasing an additional 2,034,291 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Shoals Technologies Group by 14.6% during the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after purchasing an additional 1,666,691 shares during 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.