Shoals Technologies Group (NASDAQ:SHLS) Given New $8.00 Price Target at Jefferies Financial Group

Shoals Technologies Group (NASDAQ:SHLS) had its price objective lowered by stock analysts at Jefferies Financial Group from $10.00 to $8.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group’s price objective indicates a potential upside of 28.72% from the company’s previous close.

A number of other research analysts have also recently weighed in on the stock. Citigroup dropped their price objective on shares of Shoals Technologies Group from $11.00 to $8.50 and set a “neutral” rating for the company in a research note on Thursday, February 26th. Royal Bank Of Canada decreased their price objective on Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. BNP Paribas Exane raised shares of Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 target price for the company in a research note on Wednesday, February 25th. Morgan Stanley lowered their price target on shares of Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a report on Wednesday, February 25th. Finally, Guggenheim reduced their price objective on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.57.

Shoals Technologies Group Price Performance

Shares of SHLS traded down $0.06 on Wednesday, reaching $6.22. The stock had a trading volume of 3,949,564 shares, compared to its average volume of 5,143,358. The firm has a market capitalization of $1.04 billion, a PE ratio of 31.08, a PEG ratio of 0.70 and a beta of 1.77. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average of $8.84 and a 200 day moving average of $8.57. Shoals Technologies Group has a twelve month low of $2.73 and a twelve month high of $11.36.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, February 24th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.04). The firm had revenue of $148.33 million during the quarter, compared to analyst estimates of $144.52 million. Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. The firm’s revenue for the quarter was up 38.6% on a year-over-year basis. During the same period last year, the company posted $0.08 EPS. Sell-side analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in shares of Shoals Technologies Group by 57.7% during the 4th quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock worth $32,000 after purchasing an additional 1,375 shares in the last quarter. USA Financial Formulas acquired a new position in shares of Shoals Technologies Group during the fourth quarter worth approximately $49,000. State of Alaska Department of Revenue bought a new position in shares of Shoals Technologies Group during the 3rd quarter worth about $54,000. CIBC Asset Management Inc bought a new stake in shares of Shoals Technologies Group in the 4th quarter worth approximately $85,000. Finally, Cibc World Markets Corp acquired a new stake in shares of Shoals Technologies Group during the 4th quarter valued at about $95,000.

Shoals Technologies Group Company Profile

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.