The Goldman Sachs Group Has Lowered Expectations for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its price target reduced by investment analysts at The Goldman Sachs Group from $8.00 to $7.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 101.15% from the stock’s current price.

SHLS has been the subject of several other research reports. Truist Financial cut their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Barclays reduced their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Mizuho lowered their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. TD Cowen increased their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $8.95.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $3.48 on Wednesday. The firm has a market capitalization of $580.11 million, a PE ratio of 17.40, a PEG ratio of 0.52 and a beta of 1.62. Shoals Technologies Group has a 1 year low of $3.48 and a 1 year high of $16.19. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The firm’s fifty day simple moving average is $4.87 and its 200 day simple moving average is $5.15.

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

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds have recently bought and sold shares of the company. Creative Planning increased its position in shares of Shoals Technologies Group by 115.5% during the 3rd quarter. Creative Planning now owns 33,288 shares of the company’s stock valued at $187,000 after purchasing an additional 17,844 shares during the last quarter. Roubaix Capital LLC bought a new position in Shoals Technologies Group during the third quarter valued at about $2,156,000. Janney Montgomery Scott LLC bought a new position in Shoals Technologies Group during the third quarter valued at about $833,000. Van ECK Associates Corp increased its holdings in Shoals Technologies Group by 1.9% during the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after buying an additional 2,517 shares during the last quarter. Finally, Impax Asset Management Group plc raised its position in Shoals Technologies Group by 19.4% in the third quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company’s stock worth $8,602,000 after acquiring an additional 249,582 shares during the period.

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.