Shoals Technologies Group (NASDAQ:SHLS) Raised to Neutral at Citigroup

Citigroup upgraded shares of Shoals Technologies Group (NASDAQ:SHLS) from a sell rating to a neutral rating in a research report released on Thursday morning, Marketbeat reports. Citigroup currently has $5.50 price objective on the stock, up from their previous price objective of $5.00.

Other equities analysts also recently issued reports about the company. Cantor Fitzgerald restated an overweight rating and set a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Barclays dropped their price objective on shares of Shoals Technologies Group from $10.00 to $7.00 and set an equal weight rating on the stock in a research report on Thursday, August 8th. Northland Securities decreased their price objective on shares of 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. Roth Mkm dropped their target price on Shoals Technologies Group from $7.00 to $6.00 and set a neutral rating on the stock in a report on Friday, September 6th. Finally, Jefferies Financial Group started coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They set a hold rating and a $5.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $11.08.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $5.13 on Thursday. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. Shoals Technologies Group has a fifty-two week low of $4.88 and a fifty-two week high of $18.46. The company has a market cap of $854.91 million, a P/E ratio of 28.50, a PEG ratio of 0.74 and a beta of 1.74. The firm’s 50 day moving average price is $5.71 and its 200 day moving average price is $7.21.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. During the same period last year, the firm earned $0.12 earnings per share. The company’s revenue for the quarter was down 16.7% compared to the same quarter last year. On average, research analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. ANTIPODES PARTNERS Ltd boosted its stake in shares of Shoals Technologies Group by 122.4% during the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock worth $54,000 after buying an additional 2,638 shares during the period. Headlands Technologies LLC purchased a new position in shares of Shoals Technologies Group in the 1st quarter valued at approximately $92,000. 1620 Investment Advisors Inc. purchased a new position in shares of Shoals Technologies Group in the 2nd quarter valued at approximately $54,000. Mackenzie Financial Corp acquired a new position in shares of Shoals Technologies Group in the second quarter valued at approximately $64,000. Finally, Paloma Partners Management Co acquired a new stake in shares of Shoals Technologies Group during the first quarter worth $115,000.

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.