Mizuho Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $16.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target dropped by stock analysts at Mizuho from $18.00 to $16.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Mizuho’s price objective indicates a potential upside of 93.00% from the company’s previous close.

Other analysts have also issued research reports about the company. Royal Bank of Canada cut their price objective on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Janney Montgomery Scott assumed coverage on Shoals Technologies Group in a report on Friday, January 19th. They issued a “buy” rating and a $20.00 price objective for the company. UBS Group cut their price objective on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a report on Friday, March 1st. TD Cowen cut their price objective on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Finally, Piper Sandler cut their price target on Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.94.

Shoals Technologies Group Trading Up 1.0 %

Shares of SHLS stock traded up $0.08 during trading hours on Friday, reaching $8.29. The company’s stock had a trading volume of 1,378,276 shares, compared to its average volume of 3,858,401. The stock has a market capitalization of $1.41 billion, a P/E ratio of 33.48 and a beta of 1.79. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. The firm’s fifty day simple moving average is $12.54 and its 200 day simple moving average is $14.00. 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 announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The company had revenue of $130.44 million for the quarter, compared to analysts’ expectations of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. Equities research analysts expect that Shoals Technologies Group will post 0.51 EPS for the current 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. Assetmark Inc. grew its stake in Shoals Technologies Group by 92.7% in the third quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock worth $29,000 after purchasing an additional 765 shares in the last quarter. IFP Advisors Inc lifted its holdings in Shoals Technologies Group by 73.5% during the second quarter. IFP Advisors Inc now owns 1,223 shares of the company’s stock worth $31,000 after buying an additional 518 shares during the period. ANTIPODES PARTNERS Ltd purchased a new stake in Shoals Technologies Group during the fourth quarter worth $33,000. MetLife Investment Management LLC purchased a new stake in Shoals Technologies Group during the first quarter worth $36,000. Finally, Toroso Investments LLC purchased a new stake in Shoals Technologies Group during the third quarter worth $44,000.

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.