Shoals Technologies Group (NASDAQ:SHLS) Stock Gets Price Target Trim from Jefferies Financial Group

Shoals Technologies Group (NASDAQ:SHLS) had its price objective cut by Jefferies Financial Group from $12.00 to $11.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on SHLS. Oppenheimer reissued an “outperform” rating and set a $13.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, August 4th. Weiss Ratings raised shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 9th. Barclays raised their price target on shares of Shoals Technologies Group from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Thursday, October 8th. Citigroup reiterated a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, July 22nd. Finally, Roth Capital reissued a “buy” rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. Eleven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.67.

Shoals Technologies Group Trading Down 7.6%

SHLS opened at $7.17 on Wednesday. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 37.74, a P/E/G ratio of 0.96 and a beta of 1.85. The stock’s 50 day moving average price is $7.67 and its 200-day moving average price is $8.68. Shoals Technologies Group has a one year low of $5.43 and a one year high of $13.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.02. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%. The firm had revenue of $163.37 million for the quarter, compared to the consensus estimate of $160.03 million. During the same period in the prior year, the business posted $0.10 earnings per share. The company’s revenue for the quarter was up 47.4% on a year-over-year basis. On average, equities analysts forecast that Shoals Technologies Group will post 0.34 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Mirador Capital Partners LP raised its holdings in shares of Shoals Technologies Group by 4.7% in the third quarter. Mirador Capital Partners LP now owns 60,728 shares of the company’s stock valued at $492,000 after acquiring an additional 2,708 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Shoals Technologies Group by 428.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,134 shares of the company’s stock worth $33,000 after acquiring an additional 3,352 shares in the last quarter. Tidal Investments LLC grew its holdings in Shoals Technologies Group by 91.3% during the 2nd quarter. Tidal Investments LLC now owns 371,409 shares of the company’s stock worth $3,677,000 after acquiring an additional 177,223 shares in the last quarter. WINTON GROUP Ltd bought a new position in Shoals Technologies Group during the 2nd quarter worth about $794,000. Finally, Engineers Gate Manager LP purchased a new position in Shoals Technologies Group during the 2nd quarter valued at about $300,000.

About Shoals Technologies Group

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.