The Goldman Sachs Group Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $7.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price reduced by The Goldman Sachs Group from $8.00 to $7.00 in a research note issued to investors on Wednesday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Guggenheim decreased their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Piper Sandler decreased their target price on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Barclays decreased their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. 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. Finally, Truist Financial decreased their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $8.95.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock opened at $3.03 on Wednesday. Shoals Technologies Group has a twelve month low of $2.91 and a twelve month high of $13.82. The stock has a market capitalization of $505.10 million, a P/E ratio of 15.15, a PEG ratio of 0.52 and a beta of 1.62. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The business’s fifty day moving average price is $4.83 and its 200 day moving average price is $5.14.

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

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC raised its position in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares during the period. Van ECK Associates Corp raised its position in shares of Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after purchasing an additional 2,517 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Shoals Technologies Group by 20.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company’s stock worth $86,000 after purchasing an additional 2,652 shares during the period. Maven Securities LTD raised its position in shares of Shoals Technologies Group by 11.1% during the 4th quarter. Maven Securities LTD now owns 50,000 shares of the company’s stock worth $276,000 after purchasing an additional 5,000 shares during the period. Finally, Janus Henderson Group PLC raised its position in shares of Shoals Technologies Group by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock worth $1,653,000 after purchasing an additional 6,503 shares during the period.

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.