Cantor Fitzgerald Lowers Shoals Technologies Group (NASDAQ:SHLS) Price Target to $14.00

Shoals Technologies Group (NASDAQ:SHLS - Free Report) had its price target cut by Cantor Fitzgerald from $24.00 to $14.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms also recently commented on SHLS. Northland Securities reaffirmed an underperform rating and set a $6.00 price objective (down from $12.00) on shares of Shoals Technologies Group in a report on Wednesday. UBS Group cut their price objective on shares of Shoals Technologies Group from $28.00 to $20.00 and set a buy rating on the stock in a report on Friday, March 1st. Janney Montgomery Scott started coverage on Shoals Technologies Group in a research note on Friday, January 19th. They issued a buy rating and a $20.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on Shoals Technologies Group from $32.00 to $26.00 and set an overweight rating on the stock in a research note on Thursday, February 29th. Finally, Royal Bank of Canada cut their price objective on shares of Shoals Technologies Group from $20.00 to $17.00 and set an outperform rating on the stock in a research report on Thursday, February 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $18.06.

Shoals Technologies Group Stock Performance

SHLS stock traded down $1.29 during midday trading on Wednesday, reaching $7.51. The company had a trading volume of 13,818,384 shares, compared to its average volume of 3,957,332. Shoals Technologies Group has a fifty-two week low of $7.27 and a fifty-two week high of $28.34. The firm has a market capitalization of $1.28 billion, a PE ratio of 29.52 and a beta of 1.86. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average price of $10.66 and a 200 day moving average price of $13.29.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The company had revenue of $130.44 million during the quarter, compared to the consensus estimate of $131.89 million. Analysts anticipate that Shoals Technologies Group will post 0.5 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

A number of hedge funds have recently made changes to their positions in the stock. Edmond DE Rothschild Holding S.A. lifted its position in Shoals Technologies Group by 9.9% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 220,181 shares of the company's stock valued at $2,462,000 after acquiring an additional 19,879 shares in the last quarter. William Blair Investment Management LLC lifted its stake in shares of Shoals Technologies Group by 71.6% in the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company's stock worth $114,278,000 after purchasing an additional 4,263,964 shares during the period. ProShare Advisors LLC boosted its stake in shares of Shoals Technologies Group by 6.3% during the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company's stock worth $459,000 after acquiring an additional 2,427 shares during the last quarter. Qsemble Capital Management LP grew its holdings in Shoals Technologies Group by 59.7% during the first quarter. Qsemble Capital Management LP now owns 58,113 shares of the company's stock valued at $650,000 after purchasing an additional 21,729 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in Shoals Technologies Group in the 1st quarter worth approximately $92,000.

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.