Barclays Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $5.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price lowered by Barclays from $7.00 to $5.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research analysts also recently commented on SHLS. Oppenheimer lowered their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Roth Mkm cut their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Northland Securities cut their price objective 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, Wells Fargo & Company assumed coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target on the stock. Three analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $11.92.

Shoals Technologies Group Stock Down 12.6 %

Shoals Technologies Group stock opened at $4.56 on Wednesday. The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26. The stock has a fifty day simple moving average of $5.54 and a two-hundred day simple moving average of $6.19. Shoals Technologies Group has a 12 month low of $4.53 and a 12 month high of $17.50. The firm has a market cap of $759.92 million, a price-to-earnings ratio of 22.80, a PEG ratio of 0.67 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data 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). The business had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.16 EPS. Equities analysts predict that Shoals Technologies Group will post 0.28 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Shoals Technologies Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after purchasing an additional 171,273 shares during the period. Wellington Management Group LLP boosted its position in Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after purchasing an additional 1,666,691 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after buying an additional 5,622,207 shares during the period. Joho Capital LLC grew its stake in shares of Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after buying an additional 3,387,539 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new position in shares of Shoals Technologies Group in the third quarter valued at $20,191,000.

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.