TD Cowen Increases Shoals Technologies Group (NASDAQ:SHLS) Price Target to $11.00

Shoals Technologies Group (NASDAQ:SHLS) had its price objective boosted by TD Cowen from $9.50 to $11.00 in a research note released on Wednesday, MarketBeat.com reports. TD Cowen currently has a buy rating on the stock.

SHLS has been the subject of a number of other reports. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 price target on shares of Shoals Technologies Group in a research note on Friday, September 6th. Truist Financial reduced their price objective on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Northland Securities dropped their target price on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research report on Thursday, August 8th. Finally, Roth Mkm reduced their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $11.92.

Shoals Technologies Group Stock Down 12.6 %

Shares of SHLS opened at $4.56 on Wednesday. The firm has a 50 day simple moving average of $5.54 and a two-hundred day simple moving average of $6.19. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.50. Shoals Technologies Group has a one year low of $4.53 and a one year high of $17.50. The company has a market cap of $759.92 million, a P/E ratio of 22.80, a P/E/G ratio of 0.67 and a beta of 1.73.

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 the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter in the prior year, the company earned $0.16 earnings per share. Shoals Technologies Group’s quarterly revenue was down 23.8% compared to the same quarter last year. Research analysts forecast that Shoals Technologies Group will post 0.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Shoals Technologies Group by 1.0% during the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after purchasing an additional 171,273 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after buying an additional 1,666,691 shares in the last quarter. Point72 Asset Management L.P. grew its position in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after buying an additional 5,622,207 shares during the period. Joho Capital LLC increased its stake in shares of Shoals Technologies Group by 111.6% in the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after acquiring an additional 3,387,539 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new position in shares of Shoals Technologies Group during the 3rd quarter valued at $20,191,000.

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.