Barclays Reaffirms Equal Weight Rating for Shoals Technologies Group (NASDAQ:SHLS)

Barclays reiterated their equal weight rating on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has a $7.00 target price on the stock.

A number of other equities analysts have also commented on SHLS. UBS Group cut their price objective on shares of Shoals Technologies Group from $12.00 to $9.00 and set a buy rating for the company in a research report on Wednesday, August 7th. Roth Mkm reduced their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a neutral rating for the company in a research report on Friday, September 6th. Oppenheimer decreased their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an outperform rating on the stock in a report on Wednesday, August 7th. Truist Financial dropped their price objective on Shoals Technologies Group from $10.00 to $8.00 and set a buy rating for the company in a research note on Friday, September 6th. Finally, Northland Securities decreased their target price on Shoals Technologies Group from $6.00 to $4.00 and set an underperform rating on the stock in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $11.08.

Shoals Technologies Group Stock Performance

Shares of SHLS opened at $5.31 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The firm has a market cap of $884.91 million, a PE ratio of 37.93, a PEG ratio of 0.74 and a beta of 1.74. Shoals Technologies Group has a 1 year low of $4.85 and a 1 year high of $17.79. The stock’s fifty day moving average price is $5.59 and its two-hundred day moving average price is $6.90.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The firm had revenue of $99.25 million during the quarter, compared to the consensus estimate of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The company’s revenue was down 16.7% on a year-over-year basis. During the same quarter last year, the company earned $0.12 earnings per share. On average, equities research analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors have recently added to or reduced their stakes in SHLS. Creative Planning raised its stake in shares of Shoals Technologies Group by 115.5% during the third quarter. Creative Planning now owns 33,288 shares of the company’s stock valued at $187,000 after acquiring an additional 17,844 shares during the last quarter. Viking Fund Management LLC increased its holdings in Shoals Technologies Group by 10.3% during the 3rd quarter. Viking Fund Management LLC now owns 215,000 shares of the company’s stock valued at $1,206,000 after purchasing an additional 20,000 shares during the period. Green Alpha Advisors LLC lifted its holdings in Shoals Technologies Group by 43.5% in the 3rd quarter. Green Alpha Advisors LLC now owns 40,636 shares of the company’s stock worth $228,000 after buying an additional 12,324 shares during the period. Handelsbanken Fonder AB grew its position in shares of Shoals Technologies Group by 34.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after buying an additional 690,344 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Shoals Technologies Group by 24.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 542,137 shares of the company’s stock valued at $3,383,000 after buying an additional 105,797 shares during the period.

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.