JPMorgan Chase & Co. Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $9.00

Shoals Technologies Group (NASDAQ:SHLS) had its target price lowered by JPMorgan Chase & Co. from $11.00 to $9.00 in a report released on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

SHLS has been the subject of a number of other research reports. Wall Street Zen cut Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. TD Cowen reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research report on Tuesday, February 24th. Barclays decreased their target price on Shoals Technologies Group from $10.00 to $9.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. Roth Mkm decreased their target price on Shoals Technologies Group from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Finally, Morgan Stanley decreased their target price on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a research report on Wednesday, February 25th. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.43.

Shoals Technologies Group Trading Up 3.5%

NASDAQ:SHLS opened at $7.16 on Thursday. The company has a market capitalization of $1.20 billion, a P/E ratio of 35.80, a P/E/G ratio of 0.96 and a beta of 1.64. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 2.03. The stock’s 50 day moving average price is $7.30 and its 200 day moving average price is $8.46. Shoals Technologies Group has a 52 week low of $2.92 and a 52 week high of $11.36.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, February 24th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The company had revenue of $148.33 million for the quarter, compared to the consensus estimate of $144.52 million. Shoals Technologies Group had a return on equity of 9.10% and a net margin of 7.06%.The firm’s revenue for the quarter was up 38.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.08 EPS. On average, research analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds have recently modified their holdings of SHLS. Royal Bank of Canada boosted its position in shares of Shoals Technologies Group by 292.5% in the first quarter. Royal Bank of Canada now owns 106,531 shares of the company’s stock valued at $353,000 after acquiring an additional 79,392 shares during the period. AQR Capital Management LLC boosted its position in shares of Shoals Technologies Group by 184.7% in the first quarter. AQR Capital Management LLC now owns 922,358 shares of the company’s stock valued at $2,975,000 after acquiring an additional 598,407 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Shoals Technologies Group in the first quarter valued at approximately $57,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Shoals Technologies Group by 8.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 517,507 shares of the company’s stock worth $1,718,000 after purchasing an additional 38,983 shares during the period. Finally, Legal & General Group Plc lifted its position in Shoals Technologies Group by 1.9% in the second quarter. Legal & General Group Plc now owns 195,828 shares of the company’s stock worth $832,000 after purchasing an additional 3,601 shares during the period.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.