Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $7.00 by Analysts at Morgan Stanley

Shoals Technologies Group (NASDAQ:SHLS) had its price objective lowered by Morgan Stanley from $8.00 to $7.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

SHLS has been the subject of several other research reports. Roth Capital cut Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Barclays lowered their price target on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday, November 13th. BNP Paribas lowered shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Wells Fargo & Company began coverage on Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 target price on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $11.00 price target on shares of Shoals Technologies Group in a report on Friday, September 6th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $11.92.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $4.56 on Friday. The company has a market cap of $759.92 million, a P/E ratio of 22.80, a PEG ratio of 0.67 and a beta of 1.73. Shoals Technologies Group has a fifty-two week low of $4.53 and a fifty-two week high of $17.50. The company has a quick ratio of 1.50, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm’s 50 day moving average price is $5.54 and its 200 day moving average price is $6.18.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million for 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 firm’s revenue was down 23.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.16 EPS. On average, research analysts forecast that Shoals Technologies Group will post 0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC raised its holdings in shares of Shoals Technologies Group by 25.9% in the third quarter. Barclays PLC now owns 291,242 shares of the company’s stock valued at $1,634,000 after buying an additional 59,856 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in Shoals Technologies Group by 33.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock valued at $826,000 after acquiring an additional 37,008 shares during the period. XTX Topco Ltd lifted its position in Shoals Technologies Group by 346.6% during the 3rd quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock worth $758,000 after acquiring an additional 104,850 shares during the period. Yaupon Capital Management LP purchased a new position in shares of Shoals Technologies Group in the 3rd quarter valued at approximately $8,585,000. Finally, Wellington Management Group LLP increased its holdings in shares of Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after purchasing an additional 1,666,691 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.