Shoals Technologies Group (NASDAQ:SHLS) Given New $8.00 Price Target at Truist Financial

Shoals Technologies Group (NASDAQ:SHLS) had its price objective cut by Truist Financial from $10.00 to $8.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a buy rating on the stock.

SHLS has been the topic of several other reports. Citigroup cut shares of Shoals Technologies Group from a buy rating to a sell rating and decreased their price target for the company from $15.00 to $5.00 in a research note on Tuesday, July 2nd. Jefferies Financial Group initiated coverage on Shoals Technologies Group in a research note on Wednesday. They issued a hold rating and a $5.00 target price for the company. BNP Paribas lowered Shoals Technologies Group from an outperform rating to a neutral rating and cut their price target for the company from $15.00 to $7.00 in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price objective on Shoals Technologies Group from $23.00 to $19.00 and set an overweight rating for the company in a research report on Wednesday, August 7th. Finally, UBS Group cut their target price on shares of Shoals Technologies Group from $12.00 to $9.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $11.06.

Shoals Technologies Group Trading Up 3.1 %

Shares of SHLS opened at $5.65 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. The company has a market cap of $962.87 million, a price-to-earnings ratio of 31.39, a PEG ratio of 0.73 and a beta of 1.74. The stock has a fifty day moving average price of $5.92 and a two-hundred day moving average price of $8.25. Shoals Technologies Group has a 52-week low of $4.88 and a 52-week high of $22.40.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. During the same period in the previous year, the business posted $0.12 earnings per share. The firm’s revenue for the quarter was down 16.7% compared to the same quarter last year. Analysts predict that Shoals Technologies Group will post 0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors have recently modified their holdings of SHLS. ANTIPODES PARTNERS Ltd raised its holdings in Shoals Technologies Group by 122.4% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock worth $54,000 after buying an additional 2,638 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Shoals Technologies Group during the first quarter worth $92,000. 1620 Investment Advisors Inc. bought a new stake in Shoals Technologies Group in the 2nd quarter valued at $54,000. Mackenzie Financial Corp acquired a new position in Shoals Technologies Group in the 2nd quarter worth $64,000. Finally, Paloma Partners Management Co bought a new position in Shoals Technologies Group during the 1st quarter worth about $115,000.

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.