Oppenheimer Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $12.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target decreased by Oppenheimer from $14.00 to $12.00 in a research report report published on Wednesday, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other equities analysts also recently issued reports on SHLS. Roth Capital downgraded Shoals Technologies Group from a buy rating to a neutral rating in a research note on Tuesday, May 7th. Cantor Fitzgerald cut their price target on Shoals Technologies Group from $24.00 to $14.00 and set an overweight rating for the company in a research note on Wednesday, May 8th. Northland Securities reiterated an underperform rating and set a $6.00 price target (down previously from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday, May 8th. UBS Group cut their price target on Shoals Technologies Group from $20.00 to $12.00 and set a buy rating for the company in a research note on Thursday, July 18th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Shoals Technologies Group from $21.00 to $23.00 and gave the stock an overweight rating in a research report on Tuesday, July 16th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $11.76.

Shoals Technologies Group Stock Down 3.2 %

Shares of SHLS traded down $0.17 during trading hours on Wednesday, hitting $5.12. The stock had a trading volume of 9,247,242 shares, compared to its average volume of 4,936,422. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.62 and a quick ratio of 1.87. The firm has a 50 day simple moving average of $6.45 and a 200-day simple moving average of $9.53. The firm has a market capitalization of $872.55 million, a P/E ratio of 28.45 and a beta of 1.76. Shoals Technologies Group has a 1-year low of $4.88 and a 1-year high of $22.40.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The company had revenue of $99.25 million during the quarter, compared to the consensus estimate of $90.57 million. Shoals Technologies Group had a return on equity of 12.77% and a net margin of 5.13%. The firm’s revenue for the quarter was down 16.7% compared to the same quarter last year. During the same period last year, the business posted $0.12 EPS. Sell-side analysts predict that Shoals Technologies Group will post 0.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds have recently modified their holdings of SHLS. William Blair Investment Management LLC raised its holdings in shares of Shoals Technologies Group by 71.6% in the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after purchasing an additional 4,263,964 shares during the period. Joho Capital LLC raised its holdings in shares of Shoals Technologies Group by 111.6% in the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after purchasing an additional 3,387,539 shares during the period. Wellington Management Group LLP grew its stake in Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after buying an additional 2,864,879 shares in the last quarter. Swedbank AB purchased a new position in Shoals Technologies Group in the 1st quarter valued at approximately $25,268,000. Finally, Norges Bank purchased a new position in Shoals Technologies Group in the 4th quarter valued at approximately $31,416,000.

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.