Mizuho Downgrades Shoals Technologies Group (NASDAQ:SHLS) to Neutral

Mizuho lowered shares of Shoals Technologies Group (NASDAQ:SHLS - Free Report) from an outperform rating to a neutral rating in a report released on Monday, Marketbeat reports. Mizuho currently has $7.00 price target on the stock.

SHLS has been the subject of several other research reports. Guggenheim raised their target price on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. BNP Paribas Exane lowered Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective on the stock. in a report on Thursday, May 15th. BNP Paribas reissued an "underperform" rating and set a $4.00 target price (down from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. Citigroup raised their price target on Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Finally, The Goldman Sachs Group upped their price objective on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $8.63.

Shoals Technologies Group Stock Performance

Shares of SHLS traded down $0.07 during mid-day trading on Monday, hitting $5.75. 1,643,467 shares of the company's stock were exchanged, compared to its average volume of 5,898,435. The company has a current ratio of 2.34, a quick ratio of 1.58 and a debt-to-equity ratio of 0.25. Shoals Technologies Group has a fifty-two week low of $2.71 and a fifty-two week high of $7.03. The business's 50 day moving average is $5.14 and its two-hundred day moving average is $4.41. The firm has a market capitalization of $960.42 million, a P/E ratio of 47.79, a P/E/G ratio of 0.79 and a beta of 1.59.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). Shoals Technologies Group had a net margin of 4.90% and a return on equity of 7.63%. The company had revenue of $80.36 million during the quarter, compared to analysts' expectations of $74.66 million. During the same quarter last year, the business posted $0.07 earnings per share. The company's revenue for the quarter was down 11.2% compared to the same quarter last year. On average, equities analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

Several large investors have recently added to or reduced their stakes in SHLS. Goodlander Investment Management LLC acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at about $8,295,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Shoals Technologies Group in the first quarter valued at $65,000. Janney Montgomery Scott LLC grew its holdings in Shoals Technologies Group by 187.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 269,096 shares of the company's stock valued at $893,000 after purchasing an additional 175,627 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its stake in Shoals Technologies Group by 189.1% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company's stock worth $684,000 after buying an additional 80,911 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in Shoals Technologies Group by 45.3% in the 4th quarter. Ameriprise Financial Inc. now owns 1,882,420 shares of the company's stock worth $10,410,000 after buying an additional 587,235 shares in the last quarter.

Shoals Technologies Group Company Profile

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.