Royal Bank of Canada Issues Pessimistic Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its price objective decreased by equities research analysts at Royal Bank of Canada from $9.00 to $7.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 101.15% from the company’s previous close.

Several other equities analysts also recently weighed in on the stock. Barclays decreased their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Roth Mkm reduced their price objective on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They issued a “peer perform” rating on the stock. The Goldman Sachs Group cut their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday. Finally, 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 report on Friday, January 24th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $8.95.

Shoals Technologies Group Stock Down 10.3 %

SHLS opened at $3.48 on Wednesday. The company has a 50-day moving average price of $4.87 and a 200 day moving average price of $5.15. Shoals Technologies Group has a twelve month low of $3.48 and a twelve month high of $16.19. The company has a market cap of $580.11 million, a PE ratio of 17.40, a price-to-earnings-growth ratio of 0.52 and a beta of 1.62. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26.

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

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Shoals Technologies Group by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock valued at $94,915,000 after acquiring an additional 576,736 shares in the last quarter. Wellington Management Group LLP increased its holdings in Shoals Technologies Group by 8.6% during the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock worth $78,710,000 after purchasing an additional 1,125,938 shares during the period. Point72 Asset Management L.P. raised its position in Shoals Technologies Group by 460.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after purchasing an additional 5,622,207 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Shoals Technologies Group by 20.7% in the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after buying an additional 1,098,577 shares during the period. Finally, Encompass Capital Advisors LLC grew its position in shares of Shoals Technologies Group by 14.5% during the fourth quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company’s stock worth $29,919,000 after buying an additional 683,642 shares in 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.