Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $7.00 by Analysts at UBS Group

Key Points

• Shoals Technologies Group's target price was lowered by UBS Group from $7.50 to $7.00, while maintaining a "buy" rating, indicating a potential upside of 49.09% from the current price.
• Other analysts such as Guggenheim and Jefferies have raised their target prices for Shoals Technologies Group, with Guggenheim setting a new target of $8.00.
• The company reported earnings of $0.10 per share for the last quarter, surpassing analysts' expectations of $0.08 with revenue of $110.84 million, reflecting an 11.7% year-over-year increase.

Shoals Technologies Group (NASDAQ:SHLS - Free Report) had its price target decreased by UBS Group from $7.50 to $7.00 in a research report report published on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. Barclays raised their price target on Shoals Technologies Group from $4.00 to $7.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. BNP Paribas Exane cut shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective for the company. in a research note on Thursday, May 15th. Guggenheim boosted their target price on shares of Shoals Technologies Group from $6.00 to $8.00 and gave the stock a "buy" rating in a report on Wednesday. BNP Paribas reaffirmed an "underperform" rating and issued a $4.00 price target (down previously from $4.50) on shares of Shoals Technologies Group in a report on Thursday, May 15th. Finally, Mizuho cut Shoals Technologies Group from an "outperform" rating to a "neutral" rating and set a $7.00 price objective on the stock. in a research note on Monday, July 14th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $9.15.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS traded down $0.05 during midday trading on Wednesday, reaching $4.72. The stock had a trading volume of 5,865,548 shares, compared to its average volume of 4,631,932. The company has a market capitalization of $789.09 million, a price-to-earnings ratio of 18.88, a price-to-earnings-growth ratio of 0.64 and a beta of 1.61. Shoals Technologies Group has a 12-month low of $2.71 and a 12-month high of $7.00. The stock has a 50-day moving average of $5.31 and a 200-day moving average of $4.40. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.64 and a current ratio of 2.34.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 7.57% and a net margin of 5.27%. The business had revenue of $110.84 million for the quarter, compared to the consensus estimate of $104.87 million. During the same period in the previous year, the business earned $0.10 earnings per share. The business's revenue was up 11.7% on a year-over-year basis. As a group, research analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors have recently added to or reduced their stakes in SHLS. Nisa Investment Advisors LLC grew its position in shares of Shoals Technologies Group by 449.1% during the second quarter. Nisa Investment Advisors LLC now owns 7,226 shares of the company's stock worth $31,000 after acquiring an additional 5,910 shares during the last quarter. MQS Management LLC purchased a new position in Shoals Technologies Group in the 1st quarter valued at approximately $43,000. Cerity Partners LLC purchased a new stake in shares of Shoals Technologies Group in the first quarter valued at about $43,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Shoals Technologies Group during the first quarter valued at $44,000. Finally, Virtu Financial LLC purchased a new stake in Shoals Technologies Group in the 1st quarter worth approximately $46,000.

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.