Royal Bank of Canada Lowers Shoals Technologies Group (NASDAQ:SHLS) Price Target to $7.00

Shoals Technologies Group (NASDAQ:SHLS - Free Report) had its price target cut by Royal Bank of Canada from $9.00 to $7.00 in a research note released on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

SHLS has been the subject of a number of other research reports. Wolfe Research began coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They set a "peer perform" rating for the company. JPMorgan Chase & Co. dropped their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating for the company in a report on Thursday, January 23rd. TD Cowen upped their target price on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. The Goldman Sachs Group lowered their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, Barclays lowered their price target 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. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $8.95.

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Shoals Technologies Group Price Performance

NASDAQ SHLS traded down $0.45 on Wednesday, hitting $3.03. The company had a trading volume of 14,159,211 shares, compared to its average volume of 6,855,297. The company has a market capitalization of $505.10 million, a PE ratio of 15.15, a PEG ratio of 0.52 and a beta of 1.62. The company's fifty day moving average price is $4.83 and its 200-day moving average price is $5.14. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. Shoals Technologies Group has a 12-month low of $2.91 and a 12-month high of $13.82.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $107.00 million for the quarter, compared to analysts' expectations of $102.16 million. During the same period in the previous year, the company earned $0.12 EPS. Shoals Technologies Group's quarterly revenue was down 17.9% compared to the same quarter last year. As a group, analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC increased its stake in 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. Van ECK Associates Corp increased its stake 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 purchasing an additional 2,517 shares during the period. Tower Research Capital LLC TRC increased its stake in Shoals Technologies Group by 20.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock worth $86,000 after purchasing an additional 2,652 shares during the period. Maven Securities LTD increased its stake in Shoals Technologies Group by 11.1% during the fourth quarter. Maven Securities LTD now owns 50,000 shares of the company's stock worth $276,000 after purchasing an additional 5,000 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Shoals Technologies Group by 2.3% during the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company's stock worth $1,653,000 after purchasing an additional 6,503 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.