Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $12.00 by Analysts at JPMorgan Chase & Co.

Shoals Technologies Group (NASDAQ:SHLS) had its price target cut by JPMorgan Chase & Co. from $14.00 to $12.00 in a research note released on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts also recently issued reports about the stock. Oppenheimer decreased 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 research note on Wednesday, August 7th. BNP Paribas cut Shoals Technologies Group from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $15.00 to $7.00 in a research note on Wednesday, August 7th. Jefferies Financial Group started coverage on Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price target on the stock. Piper Sandler increased their price objective on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $11.00 target price on shares of Shoals Technologies Group in a report on Friday, September 6th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Shoals Technologies Group currently has a consensus rating of “Hold” and an average target price of $12.55.

Shoals Technologies Group Price Performance

Shares of SHLS stock opened at $5.05 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. Shoals Technologies Group has a fifty-two week low of $4.85 and a fifty-two week high of $17.50. The firm has a market cap of $860.62 million, a P/E ratio of 28.06, a P/E/G ratio of 0.75 and a beta of 1.74. The business’s 50 day moving average price is $5.57 and its 200-day moving average price is $6.69.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $99.25 million during 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%. The firm’s revenue was down 16.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.12 earnings per share. On average, equities research analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of SHLS. William Blair Investment Management LLC boosted its position in shares of Shoals Technologies Group by 71.6% during the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after buying an additional 4,263,964 shares during the last quarter. Joho Capital LLC lifted its stake in Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after acquiring an additional 3,387,539 shares during the period. Millennium Management LLC boosted its holdings in shares of Shoals Technologies Group by 262.8% during the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after acquiring an additional 2,442,227 shares during the last quarter. Swedbank AB bought a new stake in shares of Shoals Technologies Group in the first quarter worth approximately $25,268,000. Finally, Federated Hermes Inc. raised its holdings in shares of Shoals Technologies Group by 8,389.5% during the second quarter. Federated Hermes Inc. now owns 1,222,482 shares of the company’s stock valued at $7,628,000 after purchasing an additional 1,208,082 shares during the last quarter.

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.