Morgan Stanley Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $7.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target lowered by Morgan Stanley from $8.00 to $7.00 in a research note published on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

SHLS has been the topic of several other reports. TD Cowen raised their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday. Wells Fargo & Company assumed coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective for the company. Jefferies Financial Group initiated coverage on Shoals Technologies Group in a research note on Wednesday, September 4th. They set a “hold” rating and a $5.00 target price on the stock. Northland Securities reduced their price target on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Shoals Technologies Group has an average rating of “Hold” and a consensus target price of $11.92.

Shoals Technologies Group Stock Down 12.6 %

Shares of NASDAQ:SHLS traded down $0.66 during trading on Friday, reaching $4.56. 6,640,935 shares of the stock traded hands, compared to its average volume of 4,987,975. Shoals Technologies Group has a 52-week low of $4.53 and a 52-week high of $17.50. The stock has a market cap of $759.91 million, a P/E ratio of 22.80, a price-to-earnings-growth ratio of 0.73 and a beta of 1.73. The stock has a 50-day moving average of $5.54 and a two-hundred day moving average of $6.21. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.50 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same period in the previous year, the business earned $0.16 EPS. The business’s revenue was down 23.8% compared to the same quarter last year. As a group, sell-side analysts expect that Shoals Technologies Group will post 0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC raised its stake in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after buying an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in Shoals Technologies Group during the 2nd quarter worth approximately $54,000. Mackenzie Financial Corp purchased a new position in shares of Shoals Technologies Group during the second quarter worth $64,000. Paloma Partners Management Co acquired a new position in Shoals Technologies Group during the first quarter valued at $115,000. Finally, TrinityPoint Wealth LLC purchased a new stake in Shoals Technologies Group in the third quarter valued at $60,000.

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.