Shoals Technologies Group (NASDAQ:SHLS) Stock Price Target Cut by Jefferies Financial Group

Key Points

• Jefferies cut Shoals Technologies Group’s price target from $12 to $11 while maintaining a “buy” rating, implying approximately 40.31% upside from the stock’s $7.84 price.
• Analyst sentiment remains generally positive, with 11 buy ratings and six holds; MarketBeat reports a “Moderate Buy” consensus and an average price target of $10.71.
• Shoals exceeded quarterly expectations, reporting $0.12 in earnings per share versus $0.10 expected and $163.37 million in revenue, up 47.4% year over year.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its target price decreased by Jefferies Financial Group from $12.00 to $11.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Jefferies Financial Group's price target suggests a potential upside of 40.31% from the stock's current price.

A number of other equities analysts have also recently commented on the stock. Citigroup reissued a "neutral" rating on shares of Shoals Technologies Group in a research note on Wednesday, July 22nd. Weiss Ratings upgraded shares of Shoals Technologies Group from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday. Roth Capital restated a "buy" rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. Oppenheimer reaffirmed an "outperform" rating and issued a $13.00 price target on shares of Shoals Technologies Group in a report on Tuesday, August 4th. Finally, Wall Street Zen lowered Shoals Technologies Group from a "buy" rating to a "hold" rating in a research report on Sunday, August 16th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Shoals Technologies Group presently has an average rating of "Moderate Buy" and a consensus price target of $10.71.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS traded down $0.81 during midday trading on Wednesday, reaching $7.84. 4,751,710 shares of the stock traded hands, compared to its average volume of 5,178,801. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.25 and a quick ratio of 1.12. The stock has a market capitalization of $1.32 billion, a PE ratio of 41.27, a P/E/G ratio of 1.07 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 50 day moving average is $7.74 and its 200 day moving average is $8.67.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SHLS. Tidal Investments LLC grew its holdings in shares of Shoals Technologies Group by 91.3% in the second quarter. Tidal Investments LLC now owns 371,409 shares of the company's stock worth $3,677,000 after purchasing an additional 177,223 shares during the last quarter. Squarepoint Ops LLC raised its stake in shares of Shoals Technologies Group by 410.9% during the second quarter. Squarepoint Ops LLC now owns 367,387 shares of the company's stock valued at $3,637,000 after acquiring an additional 295,484 shares in the last quarter. Great Lakes Advisors LLC bought a new stake in shares of Shoals Technologies Group during the second quarter valued at approximately $1,608,000. Edgestream Partners L.P. bought a new stake in shares of Shoals Technologies Group during the first quarter valued at approximately $2,235,000. Finally, SEB Asset Management AB purchased a new stake in shares of Shoals Technologies Group in the first quarter valued at approximately $1,315,000.

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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