Royal Bank of Canada Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $7.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target dropped by equities research analysts at Royal Bank of Canada from $9.00 to $7.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 101.15% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Oppenheimer dropped their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, January 28th. Piper Sandler dropped their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Truist Financial decreased their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Guggenheim lowered their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Finally, Roth Mkm reduced their price objective on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $8.95.

Shoals Technologies Group Stock Down 10.3 %

SHLS stock opened at $3.48 on Wednesday. Shoals Technologies Group has a one year low of $3.48 and a one year high of $16.19. The company has a fifty day moving average of $4.87 and a 200-day moving average of $5.15. The stock has a market capitalization of $580.11 million, a PE ratio of 17.40, a price-to-earnings-growth ratio of 0.52 and a beta of 1.62. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $102.16 million. During the same quarter in the previous year, the firm posted $0.12 earnings per share. Shoals Technologies Group’s revenue for the quarter was down 17.9% on a year-over-year basis. As a group, analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Large investors have recently bought and sold shares of the stock. FMR LLC increased its holdings in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after buying an additional 1,906 shares during the last quarter. Empirical Asset Management LLC purchased a new position in shares of Shoals Technologies Group in the 4th quarter worth about $59,000. TrinityPoint Wealth LLC acquired a new position in shares of Shoals Technologies Group in the 3rd quarter valued at about $60,000. American Trust purchased a new stake in shares of Shoals Technologies Group during the 4th quarter worth about $72,000. Finally, 49 Wealth Management LLC acquired a new stake in Shoals Technologies Group during the 4th quarter worth approximately $74,000.

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.