Shoals Technologies Group (NASDAQ:SHLS) Given New $6.00 Price Target at Mizuho

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its price target reduced by Mizuho from $7.00 to $6.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Mizuho's price objective suggests a potential upside of 26.85% from the stock's current price.

SHLS has been the topic of several other reports. Citigroup raised shares of Shoals Technologies Group from a "sell" rating to a "neutral" rating and lifted their price target for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. The Goldman Sachs Group reduced their price objective on shares of Shoals Technologies Group from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Wednesday. 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 report on Friday, January 17th. Bank of America started coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They issued a "buy" rating and a $6.00 target price on the stock. Finally, Morgan Stanley raised shares of Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price objective on the stock in a research report on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $9.58.

Shoals Technologies Group Trading Up 1.3 %

SHLS traded up $0.06 during trading on Friday, reaching $4.73. 5,723,813 shares of the company's stock were exchanged, compared to its average volume of 5,766,086. Shoals Technologies Group has a one year low of $4.07 and a one year high of $17.50. 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 stock has a market capitalization of $788.49 million, a PE ratio of 23.65, a price-to-earnings-growth ratio of 0.50 and a beta of 1.64. The firm has a fifty day moving average price of $5.05 and a two-hundred day moving average price of $5.48.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released 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). The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business's quarterly revenue was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.16 EPS. As a group, equities research analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The shares were purchased at an average price of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 6,460 shares of company stock worth $30,271 over the last three months. Company insiders own 1.67% of the company's stock.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its holdings in shares of Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company's stock worth $33,000 after purchasing an additional 1,906 shares during the period. Empirical Asset Management LLC bought a new position in shares of Shoals Technologies Group during the fourth quarter worth approximately $59,000. TrinityPoint Wealth LLC bought a new position in shares of Shoals Technologies Group during the third quarter worth approximately $60,000. Mackenzie Financial Corp bought a new position in shares of Shoals Technologies Group during the second quarter worth approximately $64,000. Finally, American Trust bought a new position in shares of Shoals Technologies Group during the second quarter worth approximately $68,000.

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.