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

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

SHLS has been the topic of a number of other research reports. UBS Group dropped their price objective on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, March 1st. TD Cowen cut their price target on Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday. Northland Securities reiterated an “underperform” rating and set a $6.00 price objective (down from $12.00) on shares of Shoals Technologies Group in a research report on Wednesday. Truist Financial reaffirmed a “buy” rating and set a $20.00 target price (down previously from $23.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Finally, Piper Sandler decreased their price target on Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.06.

Shoals Technologies Group Stock Performance

NASDAQ SHLS traded down $1.31 during trading hours on Wednesday, reaching $7.49. The company’s stock had a trading volume of 9,664,936 shares, compared to its average volume of 3,907,088. The stock has a market cap of $1.28 billion, a PE ratio of 29.52 and a beta of 1.86. The business has a 50-day simple moving average of $10.66 and a 200 day simple moving average of $13.29. Shoals Technologies Group has a 52 week low of $7.27 and a 52 week 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.

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

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Assetmark Inc. boosted its position in shares of Shoals Technologies Group by 92.7% in the 3rd quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after purchasing an additional 765 shares during the period. ANTIPODES PARTNERS Ltd purchased a new stake in Shoals Technologies Group during the fourth quarter valued at about $33,000. Headlands Technologies LLC boosted its holdings in shares of Shoals Technologies Group by 101.4% in the third quarter. Headlands Technologies LLC now owns 4,459 shares of the company’s stock worth $81,000 after buying an additional 2,245 shares during the period. Trium Capital LLP purchased a new position in shares of Shoals Technologies Group in the third quarter worth approximately $93,000. Finally, iA Global Asset Management Inc. purchased a new position in shares of Shoals Technologies Group in the third quarter worth approximately $102,000.

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.