Mizuho Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $6.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target trimmed by Mizuho from $7.00 to $6.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other research analysts have also weighed in on SHLS. Wells Fargo & Company began coverage on Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 target price on the stock. Barclays reduced their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a research report on Tuesday, December 17th. Piper Sandler lowered their target price on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Finally, Bank of America assumed coverage on Shoals Technologies Group in a report on Monday, November 25th. They issued a “buy” rating and a $6.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $9.58.

Shoals Technologies Group Stock Up 1.3 %

Shares of Shoals Technologies Group stock opened at $4.73 on Friday. The business has a fifty day simple moving average of $5.05 and a 200 day simple moving average of $5.47. The stock has a market cap of $788.49 million, a PE ratio of 23.65, a price-to-earnings-growth ratio of 0.50 and a beta of 1.64. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 12 month low of $4.07 and a 12 month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. Shoals Technologies Group’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.16 earnings per share. Research analysts predict that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss purchased 22,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the purchase, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 6,460 shares of company stock worth $30,271 over the last ninety days. Insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC raised its position in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in shares of Shoals Technologies Group in the 4th quarter valued at $59,000. TrinityPoint Wealth LLC bought a new position in shares of Shoals Technologies Group in the 3rd quarter valued at $60,000. Mackenzie Financial Corp acquired a new position in shares of Shoals Technologies Group during the 2nd quarter worth $64,000. Finally, American Trust bought a new stake in shares of Shoals Technologies Group during the 2nd quarter worth $68,000.

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.