Jefferies Financial Group Initiates Coverage on Shoals Technologies Group (NASDAQ:SHLS)

Jefferies Financial Group began coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research note published on Wednesday morning, Marketbeat.com reports. The firm issued a hold rating and a $5.00 price objective on the stock.

A number of other analysts have also issued reports on SHLS. Mizuho lowered their price target on Shoals Technologies Group from $16.00 to $13.00 and set a buy rating on the stock in a research note on Wednesday, May 8th. Truist Financial reaffirmed a buy rating and set a $10.00 target price (down previously from $12.00) on shares of Shoals Technologies Group in a report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their target price on shares of Shoals Technologies Group from $23.00 to $19.00 and set an overweight rating for the company in a research report on Wednesday, August 7th. Piper Sandler dropped 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 research note on Wednesday, August 7th. Finally, Northland Securities decreased their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an underperform rating on the stock in a research note on Thursday, August 8th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Shoals Technologies Group currently has a consensus rating of Hold and an average target price of $11.06.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $5.65 on Wednesday. The stock has a market capitalization of $941.57 million, a P/E ratio of 31.39, a P/E/G ratio of 0.82 and a beta of 1.74. The company’s fifty day moving average price is $5.92 and its 200 day moving average price is $8.20. 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 1 year low of $4.88 and a 1 year high of $22.40.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $99.25 million during 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 company’s quarterly revenue was down 16.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.12 earnings per share. As a group, equities research analysts anticipate that Shoals Technologies Group will post 0.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds have recently modified their holdings of the business. Capstone Investment Advisors LLC raised its holdings in Shoals Technologies Group by 1.7% in the 4th quarter. Capstone Investment Advisors LLC now owns 75,000 shares of the company’s stock valued at $1,166,000 after buying an additional 1,237 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Shoals Technologies Group by 14.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock worth $181,000 after acquiring an additional 1,429 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock worth $2,068,000 after purchasing an additional 1,857 shares during the period. Principal Financial Group Inc. increased its holdings in Shoals Technologies Group by 10.6% in the 4th quarter. Principal Financial Group Inc. now owns 19,839 shares of the company’s stock valued at $308,000 after purchasing an additional 1,898 shares during the last quarter. Finally, Commerce Bank raised its position in Shoals Technologies Group by 12.8% in the fourth quarter. Commerce Bank now owns 18,038 shares of the company’s stock valued at $280,000 after purchasing an additional 2,045 shares during the period.

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.