Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $5.00 by Analysts at Barclays

Shoals Technologies Group (NASDAQ:SHLS) had its price objective cut by Barclays from $7.00 to $5.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price indicates a potential downside of 4.21% from the company’s previous close.

Several other equities analysts have also issued reports on SHLS. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, September 17th. UBS Group dropped their price objective on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their price target for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Finally, Truist Financial lowered their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $12.45.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $5.22 on Wednesday. The firm has a market capitalization of $869.91 million, a PE ratio of 26.10, a price-to-earnings-growth ratio of 0.73 and a beta of 1.73. The business’s fifty day moving average price is $5.56 and its 200 day moving average price is $6.24. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.50. Shoals Technologies Group has a 12 month low of $4.64 and a 12 month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The business had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same period last year, the company earned $0.16 EPS. On average, sell-side analysts anticipate that Shoals Technologies Group will post 0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Erste Asset Management GmbH purchased a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $20,191,000. Point72 Europe London LLP purchased a new stake in Shoals Technologies Group in the 3rd quarter worth approximately $1,461,000. Verition Fund Management LLC grew its stake in Shoals Technologies Group by 938.3% in the 3rd quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after acquiring an additional 2,034,291 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Shoals Technologies Group by 1.6% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 551,055 shares of the company’s stock worth $3,091,000 after acquiring an additional 8,918 shares during the period. Finally, FMR LLC grew its stake in Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares during the period.

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.