Mizuho Trims Shoals Technologies Group (NASDAQ:SHLS) Target Price to $13.00

Shoals Technologies Group (NASDAQ:SHLS) had its price objective reduced by equities research analysts at Mizuho from $16.00 to $13.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Mizuho’s price target points to a potential upside of 47.73% from the company’s previous close.

Several other brokerages have also recently commented on SHLS. Roth Mkm cut shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating and dropped their target price for the company from $15.00 to $8.00 in a research report on Wednesday. Janney Montgomery Scott started coverage on Shoals Technologies Group in a research note on Friday, January 19th. They issued a “buy” rating and a $20.00 target price on the stock. TD Cowen reduced their target price on Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday. Piper Sandler lowered their price target on Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Finally, Truist Financial reiterated a “buy” rating and issued a $20.00 price target (down from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.44.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $8.80 on Wednesday. The business’s 50-day simple moving average is $10.79 and its 200 day simple moving average is $13.34. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 35.20 and a beta of 1.86. Shoals Technologies Group has a 12-month low of $8.06 and a 12-month high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). The business had revenue of $130.44 million during the quarter, compared to the consensus estimate of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. As a group, research analysts anticipate that Shoals Technologies Group will post 0.5 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of large investors have recently bought and sold shares of SHLS. Wellington Management Group LLP boosted its position in Shoals Technologies Group by 28.5% during the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after acquiring an additional 2,864,879 shares during the last quarter. Norges Bank acquired a new position in Shoals Technologies Group during the 4th quarter worth approximately $31,416,000. Handelsbanken Fonder AB boosted its position in Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after acquiring an additional 1,894,560 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Shoals Technologies Group by 28.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after acquiring an additional 1,402,419 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in shares of Shoals Technologies Group by 25.1% in the 3rd quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock valued at $108,310,000 after buying an additional 1,190,411 shares during the last quarter.

Shoals Technologies Group Company Profile

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.