Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) was upgraded by investment analysts at Citigroup from a “sell” rating to a “neutral” rating in a report issued on Thursday, Marketbeat.com reports. The brokerage currently has a $5.50 target price on the stock, up from their prior target price of $5.00. Citigroup’s price target indicates a potential upside of 7.21% from the stock’s current price.
Several other research firms also recently weighed in on SHLS. BNP Paribas downgraded shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. Truist Financial reduced their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, September 6th. JPMorgan Chase & Co. lowered their price target on shares of Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Oppenheimer cut their price objective 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. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and a consensus target price of $11.08.
Read Our Latest Report on Shoals Technologies Group
Shoals Technologies Group Price Performance
Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.08 by $0.02. The firm had revenue of $99.25 million for the quarter, compared to analyst estimates 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 for the quarter was down 16.7% compared to the same quarter last year. During the same period last year, the company earned $0.12 earnings per share. Research analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Shoals Technologies Group by 24.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 542,137 shares of the company’s stock worth $3,383,000 after acquiring an additional 105,797 shares during the last quarter. American Trust acquired a new stake in shares of Shoals Technologies Group in the second quarter valued at $68,000. Algert Global LLC raised its holdings in shares of Shoals Technologies Group by 656.4% in the 2nd quarter. Algert Global LLC now owns 90,431 shares of the company’s stock valued at $564,000 after buying an additional 78,476 shares during the period. Scientech Research LLC acquired a new position in Shoals Technologies Group during the 2nd quarter worth about $713,000. Finally, Mackenzie Financial Corp acquired a new position in Shoals Technologies Group in the 2nd quarter valued at about $64,000.
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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