Cantor Fitzgerald Reiterates “Overweight” Rating for Shoals Technologies Group (NASDAQ:SHLS)

Cantor Fitzgerald reaffirmed their overweight rating on shares of Shoals Technologies Group (NASDAQ:SHLS) in a report issued on Tuesday morning, Benzinga reports. Cantor Fitzgerald currently has a $12.00 target price on the stock.

Several other analysts have also weighed in on SHLS. BNP Paribas lowered shares of Shoals Technologies Group from an outperform rating to a neutral rating and lowered their price objective for the company from $15.00 to $7.00 in a research note on Wednesday, August 7th. Truist Financial dropped their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a buy rating on the stock in a report on Friday, September 6th. Piper Sandler raised their target price on Shoals Technologies Group from $8.00 to $10.00 and gave the company an overweight rating in a research note on Tuesday, September 10th. Northland Securities cut their price target on Shoals Technologies Group from $6.00 to $4.00 and set an underperform rating on the stock in a report on Thursday, August 8th. Finally, Oppenheimer reduced their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an outperform rating for the company in a research note on Wednesday, August 7th. 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 company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $11.06.

Shoals Technologies Group Price Performance

SHLS stock opened at $6.27 on Tuesday. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 34.84, a PEG ratio of 0.91 and a beta of 1.74. The company’s fifty day simple moving average is $5.95 and its 200 day simple moving average is $7.74. Shoals Technologies Group has a 12-month low of $4.88 and a 12-month high of $21.22.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The company had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. During the same period in the previous year, the business earned $0.12 EPS. The firm’s revenue was down 16.7% compared to the same quarter last year. On average, analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in SHLS. ANTIPODES PARTNERS Ltd increased its position in shares of Shoals Technologies Group by 122.4% during the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after buying an additional 2,638 shares during the period. Headlands Technologies LLC bought a new stake in shares of Shoals Technologies Group in the 1st quarter worth approximately $92,000. 1620 Investment Advisors Inc. bought a new position in shares of Shoals Technologies Group during the second quarter valued at about $54,000. Mackenzie Financial Corp bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at about $64,000. Finally, Paloma Partners Management Co purchased a new stake in Shoals Technologies Group during the 1st quarter valued at about $115,000.

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.