Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) was downgraded by analysts at Citigroup from a “buy” rating to a “sell” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $5.00 price objective on the stock, down from their prior price objective of $15.00. Citigroup’s price objective would suggest a potential downside of 18.17% from the stock’s previous close.
SHLS has been the topic of several other reports. Northland Capmk lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 8th. Northland Securities reissued an “underperform” rating and issued a $6.00 price target (down previously from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday, May 8th. TD Cowen decreased their price target on Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Roth Mkm cut Shoals Technologies Group from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $15.00 to $8.00 in a research note on Wednesday, May 8th. Finally, Barclays decreased their target price on Shoals Technologies Group from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Thursday, May 9th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $16.06.
Read Our Latest Stock Report on SHLS
Shoals Technologies Group Price Performance
Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last issued its earnings results on Tuesday, May 7th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. Shoals Technologies Group had a return on equity of 13.95% and a net margin of 6.42%. The firm had revenue of $90.81 million for the quarter, compared to analyst estimates of $94.44 million. On average, research analysts expect that Shoals Technologies Group will post 0.44 EPS for the current year.
Institutional Trading of Shoals Technologies Group
Several institutional investors have recently modified their holdings of SHLS. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Shoals Technologies Group during the 4th quarter worth approximately $33,000. Headlands Technologies LLC acquired a new stake in shares of Shoals Technologies Group during the 1st quarter worth approximately $92,000. iA Global Asset Management Inc. acquired a new stake in shares of Shoals Technologies Group during the 3rd quarter worth approximately $102,000. Paloma Partners Management Co acquired a new stake in shares of Shoals Technologies Group during the 1st quarter worth approximately $115,000. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Shoals Technologies Group during the 1st quarter worth approximately $138,000.
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.
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