Roth Mkm Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $4.50

Shoals Technologies Group (NASDAQ:SHLS) had its target price cut by stock analysts at Roth Mkm from $5.00 to $4.50 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Roth Mkm’s target price would suggest a potential upside of 7.27% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. Morgan Stanley raised 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 note on Tuesday, December 17th. Mizuho decreased their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Guggenheim reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. JPMorgan Chase & Co. lowered their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. Finally, TD Cowen lifted their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and an average price target of $9.40.

Shoals Technologies Group Stock Performance

Shares of SHLS traded down $0.08 on Wednesday, reaching $4.20. 2,354,789 shares of the company’s stock traded hands, compared to its average volume of 6,530,261. The stock’s 50 day simple moving average is $4.90 and its two-hundred day simple moving average is $5.17. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 52-week low of $3.73 and a 52-week high of $16.19. The stock has a market cap of $699.30 million, a PE ratio of 20.87, a PEG ratio of 0.52 and a beta of 1.62.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. During the same period in the previous year, the company posted $0.12 EPS. The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. On average, analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its holdings in Shoals Technologies Group by 14.6% during the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after acquiring an additional 1,666,691 shares during the period. Point72 Europe London LLP bought a new position in shares of Shoals Technologies Group in the third quarter valued at about $1,461,000. Erste Asset Management GmbH acquired a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at $20,191,000. Roubaix Capital LLC acquired a new stake in shares of Shoals Technologies Group during the 3rd quarter worth approximately $2,156,000. Finally, Verition Fund Management LLC grew its stake in shares of Shoals Technologies Group by 938.3% during the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after purchasing an additional 2,034,291 shares during the period.

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.