Shoals Technologies Group (NASDAQ:SHLS) Given New $13.00 Price Target at Mizuho

Shoals Technologies Group (NASDAQ:SHLS) had its price objective reduced by Mizuho from $16.00 to $13.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued research reports about the stock. Truist Financial reissued a buy rating and issued a $20.00 price objective (down previously from $23.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Piper Sandler cut their price objective on shares of Shoals Technologies Group from $16.00 to $14.00 and set an overweight rating for the company in a report on Thursday, April 11th. Janney Montgomery Scott began coverage on shares of Shoals Technologies Group in a report on Friday, January 19th. They issued a buy rating and a $20.00 price objective for the company. TD Cowen dropped their target price on shares of Shoals Technologies Group from $15.00 to $11.00 and set a buy rating for the company in a research report on Wednesday. Finally, Cantor Fitzgerald restated an overweight rating and issued a $24.00 target price on shares of Shoals Technologies Group in a research report on Wednesday, March 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $18.06.

Shoals Technologies Group Stock Performance

Shares of SHLS stock remained flat at $7.51 during midday trading on Wednesday. 636,639 shares of the company traded hands, compared to its average volume of 3,916,906. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 30.04 and a beta of 1.86. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The firm has a 50 day moving average price of $10.50 and a 200 day moving average price of $13.25. Shoals Technologies Group has a 1-year low of $7.27 and a 1-year high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data 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). The business had revenue of $130.44 million during the quarter, compared to the consensus estimate of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. Analysts expect that Shoals Technologies Group will post 0.5 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors have recently added to or reduced their stakes in SHLS. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Shoals Technologies Group by 30.1% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company’s stock worth $57,050,000 after acquiring an additional 1,179,834 shares during the last quarter. Edmond DE Rothschild Holding S.A. grew its holdings in Shoals Technologies Group by 9.9% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 220,181 shares of the company’s stock worth $2,462,000 after acquiring an additional 19,879 shares during the last quarter. William Blair Investment Management LLC grew its holdings in Shoals Technologies Group by 71.6% during the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after acquiring an additional 4,263,964 shares during the last quarter. ProShare Advisors LLC grew its holdings in Shoals Technologies Group by 6.3% during the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock worth $459,000 after acquiring an additional 2,427 shares during the last quarter. Finally, Qsemble Capital Management LP grew its holdings in Shoals Technologies Group by 59.7% during the 1st quarter. Qsemble Capital Management LP now owns 58,113 shares of the company’s stock worth $650,000 after acquiring an additional 21,729 shares during the last quarter.

Shoals Technologies Group Company Profile

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.