Shoals Technologies Group (NASDAQ:SHLS) Given “Underperform” Rating at Northland Securities

Northland Securities reaffirmed their underperform rating on shares of Shoals Technologies Group (NASDAQ:SHLS) in a research report released on Wednesday morning, Benzinga reports. They currently have a $6.00 target price on the stock, down from their prior target price of $12.00.

A number of other research firms also recently weighed in on SHLS. Oppenheimer dropped their target price on Shoals Technologies Group from $42.00 to $17.00 and set an outperform rating for the company in a report on Thursday, February 29th. Barclays dropped their target price on Shoals Technologies Group from $15.00 to $13.00 and set an equal weight rating for the company in a report on Tuesday, March 5th. JPMorgan Chase & Co. dropped their target price on Shoals Technologies Group from $32.00 to $26.00 and set an overweight rating for the company in a report on Thursday, February 29th. Piper Sandler dropped their target price 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. Finally, Janney Montgomery Scott started coverage on Shoals Technologies Group in a research note on Friday, January 19th. They issued a buy rating and a $20.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group presently has an average rating of Moderate Buy and a consensus price target of $18.06.

Shoals Technologies Group Price Performance

SHLS stock remained flat at $7.51 during midday trading on Wednesday. 636,639 shares of the company’s stock were exchanged, compared to its average volume of 3,916,906. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. The stock’s 50 day simple moving average is $10.50 and its 200-day simple moving average is $13.25. Shoals Technologies Group has a 1 year low of $7.27 and a 1 year high of $28.34. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of 30.04 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The company had revenue of $130.44 million for the quarter, compared to the consensus estimate of $131.89 million. As a group, analysts anticipate that Shoals Technologies Group will post 0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of SHLS. William Blair Investment Management LLC boosted its holdings in shares of Shoals Technologies Group by 71.6% during the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after buying an additional 4,263,964 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Shoals Technologies Group by 28.5% during the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after buying an additional 2,864,879 shares in the last quarter. Norges Bank bought a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $31,416,000. Handelsbanken Fonder AB boosted its holdings in shares of Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after buying an additional 1,894,560 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Shoals Technologies Group by 28.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after buying an additional 1,402,419 shares in the last quarter.

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.