Shoals Technologies Group (NASDAQ:SHLS) Stock Gets Price Target Trim from Mizuho

Shoals Technologies Group (NASDAQ:SHLS) had its target price cut by Mizuho from $11.00 to $10.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts also recently weighed in on SHLS. Wall Street Zen downgraded Shoals Technologies Group from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Royal Bank Of Canada raised their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Jefferies Financial Group decreased their price objective on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, October 14th. Barclays lifted their price objective on Shoals Technologies Group from $10.00 to $11.00 and gave the company an “overweight” rating in a research report on Thursday, October 8th. Finally, Roth Capital reiterated a “buy” rating on shares of Shoals Technologies Group in a research note on Thursday, July 2nd. Eleven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.67.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $7.17 on Friday. Shoals Technologies Group has a 12-month low of $5.43 and a 12-month high of $13.18. The stock has a market capitalization of $1.21 billion, a P/E ratio of 37.74, a P/E/G ratio of 0.88 and a beta of 1.85. The firm’s 50-day moving average is $7.67 and its two-hundred day moving average is $8.69. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.25 and a quick ratio of 1.12.

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

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently bought and sold shares of SHLS. Tidal Investments LLC increased its position in Shoals Technologies Group by 91.3% during the 2nd quarter. Tidal Investments LLC now owns 371,409 shares of the company’s stock worth $3,677,000 after purchasing an additional 177,223 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Shoals Technologies Group by 410.9% in the second quarter. Squarepoint Ops LLC now owns 367,387 shares of the company’s stock valued at $3,637,000 after buying an additional 295,484 shares during the period. Great Lakes Advisors LLC purchased a new position in Shoals Technologies Group in the second quarter valued at approximately $1,608,000. Edgestream Partners L.P. purchased a new position in Shoals Technologies Group in the first quarter valued at approximately $2,235,000. Finally, SEB Asset Management AB acquired a new position in Shoals Technologies Group during the first quarter valued at approximately $1,315,000.

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.