Shoals Technologies Group (NASDAQ:SHLS) Given New $10.00 Price Target at Mizuho

Key Points

• Mizuho cut Shoals Technologies Group’s price target from $11 to $10 while maintaining a neutral rating, implying approximately 28.9% upside from the stock’s $7.76 price.
• Analyst sentiment remains broadly positive, with 11 Buy ratings and seven Holds; the consensus rating is “Moderate Buy” with an average price target of $10.67.
• Shoals reported quarterly EPS of $0.12 versus the $0.10 consensus estimate and revenue of $163.37 million, up 47.4% year over year and above expectations.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its price target reduced by research analysts at Mizuho from $11.00 to $10.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Mizuho's price objective would indicate a potential upside of 28.87% from the stock's current price.

SHLS has been the subject of several other research reports. Citigroup reiterated a "neutral" rating on shares of Shoals Technologies Group in a research report on Wednesday, July 22nd. Weiss Ratings raised Shoals Technologies Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, October 9th. Royal Bank Of Canada upped their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Jefferies Financial Group cut their price objective on shares of Shoals Technologies Group from $12.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday. Finally, Roth Capital reiterated a "buy" rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. Eleven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $10.67.

Shoals Technologies Group Stock Down 1.0%

Shares of SHLS stock opened at $7.76 on Friday. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 40.84, a PEG ratio of 0.97 and a beta of 1.85. Shoals Technologies Group has a one year low of $5.43 and a one year high of $13.18. The company's fifty day moving average price is $7.70 and its 200-day moving average price is $8.69. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.25 and a quick ratio of 1.12.

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

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. KBC Group NV purchased a new stake in shares of Shoals Technologies Group during the 1st quarter worth approximately $30,000. Farther Finance Advisors LLC boosted its stake in Shoals Technologies Group by 428.6% during the third quarter. Farther Finance Advisors LLC now owns 4,134 shares of the company's stock worth $33,000 after buying an additional 3,352 shares during the period. PNC Financial Services Group Inc. grew its holdings in Shoals Technologies Group by 378.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company's stock valued at $50,000 after purchasing an additional 5,983 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Shoals Technologies Group during the second quarter valued at approximately $53,000. Finally, Miller Howard Investments Inc. NY purchased a new stake in Shoals Technologies Group in the first quarter worth $70,000.

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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