Shoals Technologies Group (NASDAQ:SHLS – Free Report) had its target price lowered by Truist Financial from $10.00 to $8.00 in a research note published on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.
Several other research firms also recently issued reports on SHLS. UBS Group dropped their price target on Shoals Technologies Group from $12.00 to $9.00 and set a buy rating on the stock in a research note on Wednesday, August 7th. Northland Securities reduced their price target on Shoals Technologies Group from $6.00 to $4.00 and set an underperform rating for the company in a report on Thursday, August 8th. JPMorgan Chase & Co. reduced their target price on Shoals Technologies Group from $23.00 to $19.00 and set an overweight rating for the company in a research note on Wednesday, August 7th. BNP Paribas downgraded shares of Shoals Technologies Group from an outperform rating to a neutral rating and decreased their price objective for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Finally, Barclays cut their price objective on shares of Shoals Technologies Group from $10.00 to $7.00 and set an equal weight rating for the company in a research report on Thursday, August 8th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $11.06.
Get Our Latest Stock Report on Shoals Technologies Group
Shoals Technologies Group Stock Up 3.0 %
Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. Shoals Technologies Group’s revenue was down 16.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 EPS. Equities analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.
Hedge Funds Weigh In On Shoals Technologies Group
Several institutional investors and hedge funds have recently added to or reduced their stakes in SHLS. ANTIPODES PARTNERS Ltd increased its holdings in Shoals Technologies Group by 122.4% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock worth $54,000 after purchasing an additional 2,638 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group during the second quarter worth about $54,000. Mackenzie Financial Corp acquired a new position in shares of Shoals Technologies Group in the second quarter valued at approximately $64,000. Versor Investments LP acquired a new position in shares of Shoals Technologies Group in the second quarter valued at approximately $80,000. Finally, Pallas Capital Advisors LLC bought a new position in Shoals Technologies Group in the 2nd quarter valued at approximately $90,000.
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.
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