Cantor Fitzgerald Trims Shoals Technologies Group (NASDAQ:SHLS) Target Price to $14.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target cut by analysts at Cantor Fitzgerald from $24.00 to $14.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 86.92% from the company’s current price.

SHLS has been the topic of a number of other reports. Janney Montgomery Scott began coverage on Shoals Technologies Group in a research report on Friday, January 19th. They set a “buy” rating and a $20.00 price target on the stock. Northland Securities restated an “underperform” rating and set a $6.00 target price (down previously from $12.00) on shares of Shoals Technologies Group in a report on Wednesday. TD Cowen cut their price target on Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday. Mizuho reduced their price target 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. Finally, Piper Sandler lowered their price objective on shares of Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.06.

Shoals Technologies Group Price Performance

NASDAQ:SHLS traded down $1.31 during trading hours on Wednesday, reaching $7.49. The company had a trading volume of 9,664,936 shares, compared to its average volume of 3,907,088. The firm has a market capitalization of $1.28 billion, a PE ratio of 29.52 and a beta of 1.86. The stock has a 50-day moving average of $10.66 and a two-hundred day moving average of $13.29. Shoals Technologies Group has a one year low of $7.27 and a one year high of $28.34. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The firm had revenue of $130.44 million for the quarter, compared to analyst estimates of $131.89 million. Analysts forecast that Shoals Technologies Group will post 0.5 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of SHLS. Cambridge Investment Research Advisors Inc. lifted its stake in Shoals Technologies Group by 47.2% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 24,479 shares of the company’s stock valued at $447,000 after acquiring an additional 7,854 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Shoals Technologies Group by 64.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 93,235 shares of the company’s stock valued at $1,702,000 after purchasing an additional 36,567 shares during the period. Bank of New York Mellon Corp grew its position in Shoals Technologies Group by 0.8% during the third quarter. Bank of New York Mellon Corp now owns 607,444 shares of the company’s stock worth $11,086,000 after buying an additional 5,059 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Shoals Technologies Group by 56.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,697 shares of the company’s stock valued at $688,000 after purchasing an additional 13,608 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Shoals Technologies Group by 20.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 226,713 shares of the company’s stock worth $4,138,000 after acquiring an additional 38,879 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.