Shoals Technologies Group (NASDAQ:SHLS) Rating Reiterated by Northland Securities

Shoals Technologies Group (NASDAQ:SHLS)‘s stock had its “underperform” rating reissued by research analysts at Northland Securities in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $6.00 price target on the stock, down from their prior price target of $12.00. Northland Securities’ price target points to a potential downside of 21.82% from the company’s previous close.

SHLS has been the topic of several other research reports. Roth Mkm lowered Shoals Technologies Group from a “buy” rating to a “neutral” rating and cut their target price for the company from $15.00 to $8.00 in a research note on Wednesday. The Goldman Sachs Group lowered their target price on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, March 1st. Cantor Fitzgerald reissued an “overweight” rating and issued a $24.00 price target on shares of Shoals Technologies Group in a report on Wednesday, March 13th. Mizuho dropped their price objective on Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Royal Bank of Canada decreased their target price on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Shoals Technologies Group has a consensus rating of “Moderate Buy” and a consensus target price of $17.29.

Shoals Technologies Group Trading Up 2.2 %

Shares of SHLS opened at $7.68 on Wednesday. The firm has a market capitalization of $1.31 billion, a PE ratio of 30.70 and a beta of 1.86. Shoals Technologies Group has a 12-month low of $7.27 and a 12-month high of $28.34. 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’s fifty day simple moving average is $10.50 and its 200-day simple moving average is $13.25.

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

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Shoals Technologies Group by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock worth $254,241,000 after acquiring an additional 225,464 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after purchasing an additional 2,864,879 shares during the period. William Blair Investment Management LLC lifted its stake in 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 valued at $114,278,000 after purchasing an additional 4,263,964 shares during the last quarter. Clearbridge Investments LLC grew its holdings in Shoals Technologies Group by 2.7% during the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after purchasing an additional 233,377 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after buying an additional 1,402,419 shares during 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.