Shoals Technologies Group (NASDAQ:SHLS) Given New $12.00 Price Target at JPMorgan Chase & Co.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) had its target price reduced by equities researchers at JPMorgan Chase & Co. from $14.00 to $12.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 142.91% from the stock's current price.

Other equities research analysts have also issued reports about the company. Roth Capital lowered Shoals Technologies Group from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 7th. Oppenheimer dropped their price target on Shoals Technologies Group from $14.00 to $12.00 and set an "outperform" rating for the company in a research report on Wednesday, August 7th. Royal Bank of Canada reiterated an "outperform" rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research report on Friday, September 6th. Citigroup upgraded Shoals Technologies Group from a "sell" rating to a "neutral" rating and increased their price objective for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Finally, Northland Securities lowered their price objective 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. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $12.55.

Shoals Technologies Group Price Performance

NASDAQ:SHLS traded down $0.19 during trading hours on Thursday, hitting $4.94. 3,233,323 shares of the stock were exchanged, compared to its average volume of 4,963,614. Shoals Technologies Group has a 52-week low of $4.85 and a 52-week high of $17.50. The firm's fifty day moving average price is $5.58 and its 200 day moving average price is $6.81. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27. The company has a market cap of $823.25 million, a P/E ratio of 35.29, a P/E/G ratio of 0.75 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.02. The business had revenue of $99.25 million during the quarter, compared to analyst estimates of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business's revenue was down 16.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.12 earnings per share. As a group, equities research analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

Several large investors have recently bought and sold shares of SHLS. Teachers Retirement System of The State of Kentucky increased its holdings in Shoals Technologies Group by 9.0% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 82,671 shares of the company's stock valued at $1,285,000 after buying an additional 6,818 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Shoals Technologies Group by 16.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,215,815 shares of the company's stock valued at $34,434,000 after buying an additional 309,261 shares during the last quarter. Vanguard Group Inc. increased its holdings in Shoals Technologies Group by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company's stock valued at $254,241,000 after buying an additional 225,464 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Shoals Technologies Group by 14.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company's stock valued at $181,000 after buying an additional 1,429 shares during the last quarter. Finally, Viking Fund Management LLC increased its holdings in Shoals Technologies Group by 33.3% in the first quarter. Viking Fund Management LLC now owns 160,000 shares of the company's stock valued at $1,789,000 after buying an additional 40,000 shares during the last quarter.

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.