Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Free Report) gapped down before the market opened on Friday after Roth Mkm lowered their price target on the stock from $7.00 to $6.00. The stock had previously closed at $5.48, but opened at $5.36. Roth Mkm currently has a neutral rating on the stock. Shoals Technologies Group shares last traded at $5.51, with a volume of 263,620 shares.
Other analysts also recently issued research reports about the stock. Roth Capital downgraded shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $11.00 price target on shares of Shoals Technologies Group in a report on Friday. Piper Sandler reduced their price target on shares of Shoals Technologies Group from $11.00 to $8.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Northland Securities reduced their price target on shares of 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, Truist Financial reduced their price target 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. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.06.
Hedge Funds Weigh In On Shoals Technologies Group
Institutional investors and hedge funds have recently bought and sold shares of the stock. ANTIPODES PARTNERS Ltd increased its position in Shoals Technologies Group by 122.4% during the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock worth $54,000 after purchasing an additional 2,638 shares during the last quarter. Headlands Technologies LLC acquired a new position in Shoals Technologies Group during the first quarter worth approximately $92,000. 1620 Investment Advisors Inc. acquired a new position in Shoals Technologies Group during the second quarter worth approximately $54,000. Mackenzie Financial Corp acquired a new position in Shoals Technologies Group during the second quarter worth approximately $64,000. Finally, Paloma Partners Management Co acquired a new position in Shoals Technologies Group during the first quarter worth approximately $115,000.
Shoals Technologies Group Stock Up 3.1 %
The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The firm’s 50-day moving average is $5.93 and its 200 day moving average is $8.33. The stock has a market cap of $962.87 million, a price-to-earnings ratio of 30.33, a price-to-earnings-growth ratio of 0.73 and a beta of 1.74.
Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The company had revenue of $99.25 million during the quarter, compared to the consensus estimate of $90.57 million. During the same period in the previous year, the firm earned $0.12 earnings per share. Shoals Technologies Group’s revenue for the quarter was down 16.7% on a year-over-year basis. Sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.31 earnings per share for the current fiscal year.
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.