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.

Several other research analysts have also issued reports on SHLS. BNP Paribas reiterated an "underperform" rating and issued a $4.00 target price (down from $4.50) on shares of Shoals Technologies Group in a research report on Thursday, May 15th. Citigroup upped their price target on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. BNP Paribas Exane lowered shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price target for the company. in a research report on Thursday, May 15th. Guggenheim upped their price target on shares of Shoals Technologies Group from $6.00 to $8.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, The Goldman Sachs Group upped their price target on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $8.92.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS traded up $0.05 during midday trading on Wednesday, reaching $4.82. The company's stock had a trading volume of 1,879,268 shares, compared to its average volume of 6,350,924. The stock has a market capitalization of $804.97 million, a P/E ratio of 36.89, a PEG ratio of 0.63 and a beta of 1.61. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.34 and a quick ratio of 1.58. The firm has a 50 day moving average price of $5.31 and a 200-day moving average price of $4.40. Shoals Technologies Group has a 12-month low of $2.71 and a 12-month high of $7.00.

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

Hedge Funds Weigh In On Shoals Technologies Group

Large investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in shares of Shoals Technologies Group by 51.9% during the 1st quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company's stock worth $71,765,000 after acquiring an additional 7,382,548 shares in the last quarter. CenterBook Partners LP acquired a new position in Shoals Technologies Group during the 1st quarter valued at approximately $12,489,000. T. Rowe Price Investment Management Inc. acquired a new position in Shoals Technologies Group during the 1st quarter valued at approximately $7,712,000. Pacer Advisors Inc. acquired a new position in Shoals Technologies Group during the 1st quarter valued at approximately $5,350,000. Finally, Goodlander Investment Management LLC acquired a new position in Shoals Technologies Group during the 4th quarter valued at approximately $8,295,000.

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.