Shoals Technologies Group (NASDAQ:SHLS) Given New $10.00 Price Target at Mizuho

Shoals Technologies Group (NASDAQ:SHLS) had its price objective lowered by Mizuho from $11.00 to $10.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Mizuho’s price objective would suggest a potential upside of 28.87% from the company’s previous close.

A number of other brokerages have also commented on SHLS. Citigroup reiterated a “neutral” rating on shares of Shoals Technologies Group in a research report on Wednesday, July 22nd. Royal Bank Of Canada raised their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Oppenheimer restated an “outperform” rating and set a $13.00 price objective on shares of Shoals Technologies Group in a research note on Tuesday, August 4th. Jefferies Financial Group dropped their price objective on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Wall Street Zen downgraded shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Eleven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.67.

Shoals Technologies Group Trading Down 1.0%

NASDAQ SHLS opened at $7.76 on Friday. The company has a fifty day simple moving average of $7.70 and a two-hundred day simple moving average of $8.69. The stock has a market cap of $1.31 billion, a P/E ratio of 40.84, a P/E/G ratio of 0.97 and a beta of 1.85. Shoals Technologies Group has a 12-month low of $5.43 and a 12-month high of $13.18. The company has a current ratio of 2.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.32.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The firm had revenue of $163.37 million for the quarter, compared to analyst estimates of $160.03 million. During the same period in the previous year, the company earned $0.10 earnings per share. The business’s quarterly revenue was up 47.4% compared to the same quarter last year. On average, analysts forecast that Shoals Technologies Group will post 0.34 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

A number of hedge funds have recently modified their holdings of the stock. First Trust Advisors LP grew its holdings in Shoals Technologies Group by 15.4% during the first quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock worth $48,061,000 after acquiring an additional 972,382 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Shoals Technologies Group by 31.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,268,794 shares of the company’s stock valued at $28,083,000 after acquiring an additional 1,016,987 shares during the period. Handelsbanken Fonder AB lifted its holdings in Shoals Technologies Group by 31.9% in the second quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company’s stock valued at $37,293,000 after acquiring an additional 912,093 shares during the period. Redwood Grove Capital LLC lifted its holdings in Shoals Technologies Group by 20.2% in the first quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company’s stock valued at $19,986,000 after acquiring an additional 511,000 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in Shoals Technologies Group by 26.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,728,998 shares of the company’s stock worth $17,957,000 after purchasing an additional 576,591 shares in the last quarter.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc (NASDAQ:SHLS) develops electrical balance-of-system (EBOS) products and systems for solar energy installations. Its solutions are designed to connect, protect, monitor and manage the flow of electricity between solar panels and the electrical grid, helping reduce installation complexity and support the performance and safety of photovoltaic projects.

The company’s product portfolio includes electrical wire harnesses, inline fuses, combiner boxes, disconnects, junction boxes, monitoring systems and other power-management equipment.