JPMorgan Chase & Co. Issues Pessimistic Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Key Points

• JPMorgan lowered its price target for Shoals Technologies Group from $13 to $12 while maintaining an “overweight” rating, implying 64.16% upside from the prior close.
• Analyst sentiment remains generally positive, with 11 Buy ratings and seven Holds producing a “Moderate Buy” consensus and an average price target of $10.80.
• Shoals reported quarterly earnings and revenue above expectations, with revenue rising 47.4% year over year; shares recently traded at $7.31, below both their 50-day and 200-day moving averages.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its price objective reduced by stock analysts at JPMorgan Chase & Co. from $13.00 to $12.00 in a research report issued on Monday, Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 64.16% from the company's previous close.

SHLS has been the subject of a number of other reports. Roth Capital restated a "buy" rating on shares of Shoals Technologies Group in a research note on Thursday, July 2nd. Mizuho lowered their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set a "neutral" rating on the stock in a report on Friday. Barclays increased their price objective on shares of Shoals Technologies Group from $10.00 to $11.00 and gave the company an "overweight" rating in a research note on Thursday, October 8th. Citigroup reiterated a "neutral" rating on shares of Shoals Technologies Group in a research report on Wednesday, July 22nd. Finally, Weiss Ratings raised Shoals Technologies Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, October 9th. Eleven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $10.80.

Shoals Technologies Group Stock Performance

Shares of SHLS traded up $0.14 during trading hours on Monday, reaching $7.31. 3,617,998 shares of the company traded hands, compared to its average volume of 5,200,466. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25. The stock's fifty day moving average is $7.67 and its 200 day moving average is $8.69. Shoals Technologies Group has a 1-year low of $5.43 and a 1-year high of $13.18. The stock has a market cap of $1.23 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 0.88 and a beta of 1.85.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.02. The business had revenue of $163.37 million for the quarter, compared to the consensus estimate of $160.03 million. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%. The firm's revenue for the quarter was up 47.4% compared to the same quarter last year. During the same period last year, the business earned $0.10 earnings per share. Equities research analysts anticipate that Shoals Technologies Group will post 0.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Heartland Advisors Inc. bought a new stake in Shoals Technologies Group during the 1st quarter worth about $6,950,000. Dimensional Fund Advisors LP raised its stake in shares of Shoals Technologies Group by 31.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,268,794 shares of the company's stock worth $28,083,000 after buying an additional 1,016,987 shares during the last quarter. First Trust Advisors LP lifted its holdings in Shoals Technologies Group by 15.4% in the first quarter. First Trust Advisors LP now owns 7,304,064 shares of the company's stock valued at $48,061,000 after buying an additional 972,382 shares during the period. Handelsbanken Fonder AB lifted its holdings in Shoals Technologies Group by 31.9% in the second quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company's stock valued at $37,293,000 after buying an additional 912,093 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Shoals Technologies Group by 26.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,728,998 shares of the company's stock worth $17,957,000 after acquiring an additional 576,591 shares during the period.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc NASDAQ: SHLS develops electrical balance-of-system (EBOS) products and systems for solar energy installations. Its solutions are designed to connect, protect, monitor and manage the flow of electricity between solar panels and the electrical grid, helping reduce installation complexity and support the performance and safety of photovoltaic projects.

The company's product portfolio includes electrical wire harnesses, inline fuses, combiner boxes, disconnects, junction boxes, monitoring systems and other power-management equipment.

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