Shoals Technologies Group (NASDAQ:SHLS) Earns Hold Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a hold rating and a $5.00 target price on the stock.

Several other equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $23.00 to $19.00 and set an overweight rating on the stock in a research note on Wednesday, August 7th. TD Cowen reduced their price objective on Shoals Technologies Group from $15.00 to $11.00 and set a buy rating on the stock in a research note on Wednesday, May 8th. Mizuho reduced their price objective on Shoals Technologies Group from $16.00 to $13.00 and set a buy rating on the stock in a research note on Wednesday, May 8th. Oppenheimer dropped their target price on Shoals Technologies Group from $14.00 to $12.00 and set an outperform rating for the company in a research report on Wednesday, August 7th. Finally, Truist Financial restated a buy rating and set a $10.00 target price (down previously from $12.00) on shares of Shoals Technologies Group in a research report on Wednesday, August 7th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $11.39.

Shoals Technologies Group Trading Down 2.4 %

Shares of SHLS stock opened at $6.08 on Wednesday. The stock’s 50-day moving average price is $5.95 and its 200-day moving average price is $8.35. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27. Shoals Technologies Group has a 12-month low of $4.88 and a 12-month high of $22.40. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 33.78, a price-to-earnings-growth ratio of 0.73 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data 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. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The company had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. During the same period in the previous year, the firm posted $0.12 earnings per share. The firm’s revenue for the quarter was down 16.7% on a year-over-year basis. Equities research analysts predict that Shoals Technologies Group will post 0.31 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

A number of large investors have recently modified their holdings of SHLS. ANTIPODES PARTNERS Ltd boosted its holdings in shares of Shoals Technologies Group by 122.4% in the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after purchasing an additional 2,638 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group during the second quarter worth $54,000. Mackenzie Financial Corp purchased a new stake in Shoals Technologies Group during the second quarter worth $64,000. Versor Investments LP purchased a new stake in Shoals Technologies Group during the second quarter worth $80,000. Finally, Pallas Capital Advisors LLC purchased a new stake in Shoals Technologies Group during the second quarter worth $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.