Shoals Technologies Group’s (SHLS) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Shoals Technologies Group (NASDAQ:SHLS)‘s stock had its “overweight” rating reissued by equities researchers at Cantor Fitzgerald in a report released on Tuesday, Benzinga reports. They presently have a $12.00 price target on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 81.00% from the stock’s current price.

SHLS has been the topic of several other reports. Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Jefferies Financial Group initiated coverage on shares of Shoals Technologies Group in a research report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price objective for the company. BNP Paribas downgraded shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. Oppenheimer decreased their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Piper Sandler boosted their price objective on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Four analysts have rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group presently has an average rating of “Hold” and an average target price of $11.06.

Shoals Technologies Group Stock Up 5.2 %

Shares of SHLS stock traded up $0.33 during mid-day trading on Tuesday, hitting $6.63. 789,577 shares of the stock traded hands, compared to its average volume of 5,022,131. Shoals Technologies Group has a 52-week low of $4.88 and a 52-week high of $21.22. The stock has a market cap of $1.10 billion, a P/E ratio of 37.11, a P/E/G ratio of 0.93 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The stock’s fifty day moving average is $5.94 and its two-hundred day moving average is $7.80.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. Shoals Technologies Group’s revenue for the quarter was down 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 earnings per share. Equities analysts predict that Shoals Technologies Group will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Several large investors have recently made changes to their positions in the company. American Trust purchased a new position in Shoals Technologies Group in the second quarter valued at $68,000. Algert Global LLC increased its stake in shares of Shoals Technologies Group by 656.4% in the 2nd quarter. Algert Global LLC now owns 90,431 shares of the company’s stock valued at $564,000 after purchasing an additional 78,476 shares in the last quarter. Scientech Research LLC acquired a new position in Shoals Technologies Group in the 2nd quarter worth about $713,000. Mackenzie Financial Corp purchased a new position in Shoals Technologies Group during the second quarter worth approximately $64,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Shoals Technologies Group by 3.8% in the second quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock valued at $637,000 after purchasing an additional 3,699 shares during the period.

About Shoals Technologies Group

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.