JPMorgan Chase & Co. Has Lowered Expectations for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $13.00 to $12.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 64.16% from the stock’s current price.

Several other brokerages have also issued reports on SHLS. Mizuho decreased their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Friday. Oppenheimer reissued an “outperform” rating and issued a $13.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, August 4th. Citigroup reaffirmed a “neutral” rating on shares of Shoals Technologies Group in a research report on Wednesday, July 22nd. The Goldman Sachs Group lifted their price objective on Shoals Technologies Group from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Finally, Roth Capital restated a “buy” rating on shares of Shoals Technologies Group in a report on Thursday, July 2nd. Eleven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Shoals Technologies Group currently has an average rating of “Moderate Buy” and an average target price of $10.80.

Shoals Technologies Group Trading Up 2.0%

Shares of NASDAQ:SHLS traded up $0.14 during mid-day trading on Monday, reaching $7.31. The stock had a trading volume of 3,617,998 shares, compared to its average volume of 5,200,466. The firm has a 50 day simple moving average of $7.67 and a two-hundred day simple moving average of $8.69. Shoals Technologies Group has a twelve month low of $5.43 and a twelve month high of $13.18. The firm has a market cap of $1.23 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 0.88 and a beta of 1.85. The company has a current ratio of 2.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.32.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The firm had revenue of $163.37 million during the quarter, compared to analysts’ expectations of $160.03 million. During the same quarter in the previous year, the company earned $0.10 earnings per share. The business’s revenue for the quarter was up 47.4% on a year-over-year basis. On average, research analysts predict that Shoals Technologies Group will post 0.34 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Heartland Advisors Inc. bought a new stake in shares of Shoals Technologies Group during the 1st quarter worth approximately $6,950,000. Dimensional Fund Advisors LP grew its stake in shares of Shoals Technologies Group by 31.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,268,794 shares of the company’s stock valued at $28,083,000 after buying an additional 1,016,987 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Shoals Technologies Group by 15.4% in the first quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock valued at $48,061,000 after buying an additional 972,382 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in Shoals Technologies Group by 31.9% during the second quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company’s stock worth $37,293,000 after buying an additional 912,093 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Shoals Technologies Group by 26.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,728,998 shares of the company’s stock worth $17,957,000 after buying an additional 576,591 shares during the last quarter.

About Shoals Technologies Group

Shoals Technologies Group, Inc (NASDAQ:SHLS) develops electrical balance-of-system (EBOS) products and systems for solar energy installations. Its solutions are designed to connect, protect, monitor and manage the flow of electricity between solar panels and the electrical grid, helping reduce installation complexity and support the performance and safety of photovoltaic projects.

The company’s product portfolio includes electrical wire harnesses, inline fuses, combiner boxes, disconnects, junction boxes, monitoring systems and other power-management equipment.