Mizuho Has Lowered Expectations for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its target price decreased by Mizuho from $7.00 to $6.00 in a report published on Friday,Benzinga reports. Mizuho currently has an outperform rating on the stock.

A number of other brokerages also recently issued reports on SHLS. Piper Sandler cut their target price on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Barclays reduced their target price on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Guggenheim dropped their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target on the stock in a research report on Tuesday, December 17th. Finally, Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group presently has a consensus rating of “Hold” and a consensus price target of $9.58.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock opened at $4.73 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The business has a 50 day simple moving average of $5.05 and a two-hundred day simple moving average of $5.48. The stock has a market capitalization of $788.49 million, a P/E ratio of 23.65, a PEG ratio of 0.50 and a beta of 1.64. Shoals Technologies Group has a 12 month low of $4.07 and a 12 month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter in the previous year, the business posted $0.16 EPS. The company’s revenue for the quarter was down 23.8% on a year-over-year basis. As a group, analysts predict that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Brandon Moss purchased 22,300 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents a 3.90 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 6,460 shares of company stock valued at $30,271. 1.67% of the stock is currently owned by insiders.

Institutional Trading of Shoals Technologies Group

A number of large investors have recently bought and sold shares of SHLS. Wellington Management Group LLP grew its stake in shares of Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after purchasing an additional 1,666,691 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Shoals Technologies Group by 460.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after buying an additional 5,622,207 shares during the period. Franklin Resources Inc. raised its position in Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after buying an additional 658,617 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Shoals Technologies Group in the 3rd quarter worth $20,191,000. Finally, Millennium Management LLC boosted its holdings in shares of Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after acquiring an additional 2,442,227 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.