Shoals Technologies Group (NASDAQ:SHLS) Cut to Neutral at Roth Mkm

Shoals Technologies Group (NASDAQ:SHLS) was downgraded by Roth Mkm from a “buy” rating to a “neutral” rating in a report issued on Wednesday, Marketbeat Ratings reports. They currently have a $8.00 price target on the stock, down from their previous price target of $15.00. Roth Mkm’s price objective would indicate a potential downside of 9.09% from the stock’s current price.

A number of other brokerages also recently commented on SHLS. Royal Bank of Canada dropped their target price on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Truist Financial reiterated a “buy” rating and set a $20.00 price objective (down from $23.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Barclays dropped their price objective on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 5th. JPMorgan Chase & Co. dropped their price objective on shares of 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, Mizuho dropped their price objective on shares of Shoals Technologies Group from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.61.

Shoals Technologies Group Price Performance

Shares of SHLS stock opened at $8.80 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. The company has a market capitalization of $1.50 billion, a P/E ratio of 35.20 and a beta of 1.86. The company’s 50-day simple moving average is $10.79 and its two-hundred day simple moving average is $13.34. Shoals Technologies Group has a one year low of $8.06 and a one year high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The company had revenue of $130.44 million during the quarter, compared to the consensus estimate of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. As a group, equities analysts anticipate that Shoals Technologies Group will post 0.5 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Qsemble Capital Management LP raised its holdings in shares of Shoals Technologies Group by 59.7% in the first quarter. Qsemble Capital Management LP now owns 58,113 shares of the company’s stock worth $650,000 after buying an additional 21,729 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Shoals Technologies Group in the first quarter worth $92,000. ANTIPODES PARTNERS Ltd raised its holdings in shares of Shoals Technologies Group by 122.4% in the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock worth $54,000 after buying an additional 2,638 shares during the last quarter. Corbyn Investment Management Inc. MD purchased a new position in shares of Shoals Technologies Group in the first quarter worth $581,000. Finally, Quantbot Technologies LP purchased a new position in shares of Shoals Technologies Group in the first quarter worth $217,000.

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.