Barclays Trims Shoals Technologies Group (NASDAQ:SHLS) Target Price to $10.00

Shoals Technologies Group (NASDAQ:SHLS) had its price objective decreased by Barclays from $12.00 to $10.00 in a research report sent to investors on Thursday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other equities analysts also recently issued research reports about the stock. Roth Mkm downgraded shares of Shoals Technologies Group from a buy rating to a neutral rating and dropped their price target for the stock from $15.00 to $8.00 in a research note on Wednesday, May 8th. JPMorgan Chase & Co. upped their target price on shares of Shoals Technologies Group from $21.00 to $23.00 and gave the company an overweight rating in a report on Tuesday, July 16th. Northland Securities reaffirmed an underperform rating and issued a $6.00 target price (down from $12.00) on shares of Shoals Technologies Group in a report on Wednesday, May 8th. TD Cowen dropped their price target on shares of Shoals Technologies Group from $15.00 to $11.00 and set a buy rating on the stock in a research note on Wednesday, May 8th. Finally, Mizuho lowered their target price on shares of Shoals Technologies Group from $16.00 to $13.00 and set a buy rating on the stock in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $15.06.

Shoals Technologies Group Trading Down 0.6 %

Shares of SHLS opened at $6.59 on Thursday. Shoals Technologies Group has a 12-month low of $5.69 and a 12-month high of $27.86. The firm has a market capitalization of $1.12 billion, a P/E ratio of 36.61 and a beta of 1.76. The firm has a 50-day moving average price of $6.85 and a 200 day moving average price of $10.34. The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $90.81 million during the quarter, compared to analysts’ expectations of $94.44 million. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. Sell-side analysts forecast that Shoals Technologies Group will post 0.43 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its stake in shares of Shoals Technologies Group by 1,796.9% during the second quarter. Assenagon Asset Management S.A. now owns 478,784 shares of the company’s stock valued at $2,988,000 after buying an additional 453,543 shares during the period. M&G Plc purchased a new position in shares of Shoals Technologies Group during the second quarter valued at approximately $7,021,000. SG Americas Securities LLC raised its stake in Shoals Technologies Group by 169.4% during the second quarter. SG Americas Securities LLC now owns 36,993 shares of the company’s stock worth $231,000 after purchasing an additional 23,260 shares during the period. CWM LLC raised its stake in Shoals Technologies Group by 1,240.8% during the second quarter. CWM LLC now owns 15,768 shares of the company’s stock worth $98,000 after purchasing an additional 14,592 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its stake in Shoals Technologies Group by 159.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 28,003 shares of the company’s stock worth $313,000 after purchasing an additional 17,203 shares during the period.

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.