Shoals Technologies Group (NASDAQ:SHLS) PT Lowered to $8.00 at Truist Financial

Shoals Technologies Group (NASDAQ:SHLS) had its price objective decreased by Truist Financial from $10.00 to $8.00 in a research report sent to investors on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other analysts have also weighed in on the company. BNP Paribas lowered Shoals Technologies Group from an outperform rating to a neutral rating and lowered their price objective for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Northland Securities dropped their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an underperform rating on the stock in a research note on Thursday, August 8th. JPMorgan Chase & Co. cut their price objective on shares of Shoals Technologies Group from $23.00 to $19.00 and set an overweight rating on the stock in a research report on Wednesday, August 7th. 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. Finally, Jefferies Financial Group started coverage on shares of Shoals Technologies Group in a report on Wednesday, September 4th. They issued a hold rating and a $5.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $11.06.

Shoals Technologies Group Trading Up 3.0 %

NASDAQ SHLS opened at $5.82 on Friday. Shoals Technologies Group has a 52 week low of $4.88 and a 52 week high of $22.40. The stock has a market cap of $969.90 million, a P/E ratio of 32.34, a PEG ratio of 0.81 and a beta of 1.74. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27. The company’s fifty day simple moving average is $5.91 and its 200-day simple moving average is $8.09.

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

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHLS. ANTIPODES PARTNERS Ltd boosted its position in shares of Shoals Technologies Group by 122.4% in the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after acquiring an additional 2,638 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in shares of Shoals Technologies Group during the 2nd quarter worth about $54,000. Mackenzie Financial Corp bought a new position in Shoals Technologies Group during the 2nd quarter valued at about $64,000. Versor Investments LP acquired a new stake in shares of Shoals Technologies Group during the second quarter worth approximately $80,000. Finally, Pallas Capital Advisors LLC acquired a new stake in Shoals Technologies Group during the 2nd quarter valued at $90,000.

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.