Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $16.00 by Analysts at Mizuho

Shoals Technologies Group (NASDAQ:SHLS) had its price objective trimmed by Mizuho from $18.00 to $16.00 in a research note published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on the company. Piper Sandler decreased their target price on Shoals Technologies Group from $16.00 to $14.00 and set an overweight rating for the company in a research note on Thursday, April 11th. TD Cowen decreased their target price on Shoals Technologies Group from $30.00 to $22.00 and set an outperform rating for the company in a research note on Thursday, February 29th. Oppenheimer reduced their price objective on Shoals Technologies Group from $42.00 to $17.00 and set an outperform rating for the company in a research report on Thursday, February 29th. Truist Financial reaffirmed a buy rating and set a $20.00 price objective (down from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Finally, Janney Montgomery Scott started coverage on Shoals Technologies Group in a research report on Friday, January 19th. They set a buy rating and a $20.00 price objective for the company. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $20.94.

Shoals Technologies Group Trading Up 1.7 %

NASDAQ SHLS opened at $8.43 on Friday. Shoals Technologies Group has a 12 month low of $8.06 and a 12 month high of $28.34. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.44 billion, a PE ratio of 33.72 and a beta of 1.79. The stock has a 50-day simple moving average of $12.20 and a 200 day simple moving average of $13.86.

Shoals Technologies Group (NASDAQ:SHLS) last posted 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 net margin of 8.18% and a return on equity of 16.02%. The business had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Research analysts forecast that Shoals Technologies Group will post 0.51 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Shoals Technologies Group by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock valued at $254,241,000 after purchasing an additional 225,464 shares during the last quarter. Wellington Management Group LLP boosted its position in Shoals Technologies Group by 28.5% during the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after purchasing an additional 2,864,879 shares during the last quarter. Clearbridge Investments LLC boosted its position in Shoals Technologies Group by 2.7% during the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock valued at $139,502,000 after purchasing an additional 233,377 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock valued at $116,217,000 after purchasing an additional 1,402,419 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its position in Shoals Technologies Group by 25.1% during the third quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock valued at $108,310,000 after purchasing an additional 1,190,411 shares during the last quarter.

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.