Shoals Technologies Group (NASDAQ:SHLS) Given New $7.00 Price Target at The Goldman Sachs Group

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

A number of other equities analysts also recently weighed in on the stock. Mizuho cut their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Guggenheim cut their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Piper Sandler cut their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Oppenheimer cut their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Tuesday, January 28th. Finally, JPMorgan Chase & Co. cut their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. 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, Shoals Technologies Group currently has an average rating of “Hold” and an average price target of $8.95.

Shoals Technologies Group Price Performance

SHLS opened at $3.88 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The company has a market capitalization of $646.79 million, a price-to-earnings ratio of 19.40, a P/E/G ratio of 0.52 and a beta of 1.62. The firm’s fifty day moving average price is $4.89 and its two-hundred day moving average price is $5.16. Shoals Technologies Group has a 1 year low of $3.73 and a 1 year high of $16.19.

Shoals Technologies Group (NASDAQ:SHLS) last posted 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 firm had revenue of $107.00 million for 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%. Shoals Technologies Group’s revenue was down 17.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 earnings per share. As a group, analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of SHLS. Creative Planning increased its position in shares of Shoals Technologies Group by 115.5% during the third quarter. Creative Planning now owns 33,288 shares of the company’s stock valued at $187,000 after buying an additional 17,844 shares during the period. Roubaix Capital LLC bought a new stake in shares of Shoals Technologies Group during the third quarter valued at about $2,156,000. Janney Montgomery Scott LLC bought a new stake in shares of Shoals Technologies Group during the third quarter valued at about $833,000. Van ECK Associates Corp increased its position in shares of Shoals Technologies Group by 1.9% during the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after buying an additional 2,517 shares during the period. Finally, Impax Asset Management Group plc increased its position in shares of Shoals Technologies Group by 19.4% during the third quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company’s stock valued at $8,602,000 after buying an additional 249,582 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.