Cantor Fitzgerald Reiterates “Overweight” Rating for Shoals Technologies Group (NASDAQ:SHLS)

Shoals Technologies Group (NASDAQ:SHLS)‘s stock had its “overweight” rating reissued by Cantor Fitzgerald in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $12.00 target price on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 91.08% from the company’s previous close.

SHLS has been the subject of a number of other reports. Northland Securities decreased their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research report on Thursday, August 8th. UBS Group decreased their target price on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Jefferies Financial Group began coverage on shares of Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 target price for the company. Roth Mkm decreased their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Finally, Truist Financial decreased their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and a consensus target price of $11.06.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $6.28 on Tuesday. The firm has a market capitalization of $1.05 billion, a PE ratio of 34.89, a price-to-earnings-growth ratio of 0.93 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. Shoals Technologies Group has a 1-year low of $4.88 and a 1-year high of $21.22. The company’s fifty day moving average price is $5.95 and its 200-day moving average price is $7.74.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The firm had revenue of $99.25 million for the quarter, compared to analyst estimates of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business’s quarterly revenue was down 16.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.12 earnings per share. On average, equities research analysts predict that Shoals Technologies Group will post 0.29 EPS for the current year.

Institutional Trading of Shoals Technologies Group

Several large investors have recently bought and sold shares of the business. American Trust purchased a new stake in Shoals Technologies Group during the 2nd quarter valued at about $68,000. Algert Global LLC grew its stake in shares of Shoals Technologies Group by 656.4% in the 2nd quarter. Algert Global LLC now owns 90,431 shares of the company’s stock valued at $564,000 after buying an additional 78,476 shares during the period. Scientech Research LLC purchased a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at approximately $713,000. Mackenzie Financial Corp purchased a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at approximately $64,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Shoals Technologies Group by 3.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock valued at $637,000 after buying an additional 3,699 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.