Shoals Technologies Group (NASDAQ:SHLS) Given New $7.00 Price Target at UBS Group

Shoals Technologies Group (NASDAQ:SHLS) had its price objective reduced by research analysts at UBS Group from $8.00 to $7.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price objective would indicate a potential upside of 72.63% from the stock’s current price.

A number of other equities analysts also recently weighed in on SHLS. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target on the stock in a research report on Tuesday, December 17th. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They issued a “peer perform” rating on the stock. Mizuho decreased their price objective on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. JPMorgan Chase & Co. cut their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. Finally, Guggenheim dropped their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.95.

Shoals Technologies Group Trading Down 5.0 %

Shares of SHLS stock traded down $0.22 during trading hours on Wednesday, reaching $4.06. 3,580,738 shares of the stock traded hands, compared to its average volume of 6,558,996. Shoals Technologies Group has a 1-year low of $3.73 and a 1-year high of $16.19. The business has a fifty day moving average price of $4.90 and a 200 day moving average price of $5.17. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $675.96 million, a PE ratio of 20.23, a PEG ratio of 0.52 and a beta of 1.62.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 EPS. On average, equities research analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. American Trust acquired a new position in shares of Shoals Technologies Group during the fourth quarter valued at $72,000. 49 Wealth Management LLC acquired a new stake in Shoals Technologies Group in the 4th quarter worth $74,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Shoals Technologies Group by 13.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 478,524 shares of the company’s stock worth $2,646,000 after acquiring an additional 56,176 shares during the period. Two Sigma Investments LP lifted its holdings in Shoals Technologies Group by 40.6% during the 4th quarter. Two Sigma Investments LP now owns 657,589 shares of the company’s stock valued at $3,636,000 after purchasing an additional 189,754 shares during the last quarter. Finally, State of Wyoming increased its stake in shares of Shoals Technologies Group by 250.7% in the fourth quarter. State of Wyoming now owns 15,117 shares of the company’s stock valued at $84,000 after buying an additional 10,806 shares in 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.