UBS Group Lowers Shoals Technologies Group (NASDAQ:SHLS) Price Target to $7.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price dropped by stock analysts at UBS Group from $8.00 to $7.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s target price points to a potential upside of 101.15% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Royal Bank of Canada lowered their target price on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research note on Wednesday. Guggenheim lowered their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Truist Financial cut their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, January 16th. The Goldman Sachs Group decreased their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Wolfe Research assumed coverage on Shoals Technologies Group in a research report on Tuesday, February 18th. They issued a “peer perform” rating for the company. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $8.95.

Shoals Technologies Group Stock Performance

Shoals Technologies Group stock opened at $3.48 on Wednesday. The firm’s 50 day simple moving average is $4.87 and its 200 day simple moving average is $5.15. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 1-year low of $3.48 and a 1-year high of $16.19. The firm has a market capitalization of $580.11 million, a PE ratio of 17.40, a price-to-earnings-growth ratio of 0.52 and a beta of 1.62.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The business had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter last year, the business posted $0.12 EPS. As a group, analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SHLS. Vanguard Group Inc. increased its holdings in shares of Shoals Technologies Group by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock valued at $94,915,000 after acquiring an additional 576,736 shares in the last quarter. Wellington Management Group LLP grew its position in Shoals Technologies Group by 8.6% during the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock valued at $78,710,000 after purchasing an additional 1,125,938 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after purchasing an additional 5,622,207 shares in the last quarter. Invesco Ltd. increased its stake in Shoals Technologies Group by 20.7% during the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after purchasing an additional 1,098,577 shares in the last quarter. Finally, Encompass Capital Advisors LLC raised its holdings in Shoals Technologies Group by 14.5% in the fourth quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company’s stock worth $29,919,000 after buying an additional 683,642 shares during the last quarter.

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.