Shoals Technologies Group (NASDAQ:SHLS) Price Target Lowered to $6.00 at Mizuho

Shoals Technologies Group (NASDAQ:SHLS) had its target price cut by Mizuho from $7.00 to $6.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other analysts have also recently issued research reports about the company. TD Cowen increased their target price on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Truist Financial cut their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Guggenheim reduced their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Piper Sandler lowered their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Finally, Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $9.58.

Shoals Technologies Group Stock Up 1.3 %

Shares of NASDAQ SHLS opened at $4.73 on Friday. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week high of $17.50. The firm has a market capitalization of $788.49 million, a price-to-earnings ratio of 23.65, a PEG ratio of 0.50 and a beta of 1.64. The stock has a 50 day moving average price of $5.05 and a 200 day moving average price of $5.48. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 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 business had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same period last year, the business posted $0.16 EPS. The company’s revenue for the quarter was down 23.8% on a year-over-year basis. Sell-side analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Activity

In other news, CEO Brandon Moss bought 22,300 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 6,460 shares of company stock valued at $30,271 in the last quarter. 1.67% of the stock is currently owned by company insiders.

Institutional Trading of Shoals Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHLS. FMR LLC boosted its stake in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares in the last quarter. Mackenzie Financial Corp acquired a new position in Shoals Technologies Group in the 2nd quarter worth about $64,000. Empirical Asset Management LLC purchased a new position in Shoals Technologies Group during the fourth quarter worth approximately $59,000. TrinityPoint Wealth LLC acquired a new stake in Shoals Technologies Group in the third quarter valued at approximately $60,000. Finally, American Trust purchased a new stake in shares of Shoals Technologies Group in the second quarter valued at approximately $68,000.

Shoals Technologies Group Company Profile

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.