Mizuho Issues Pessimistic Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its price objective reduced by Mizuho from $7.00 to $6.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price objective suggests a potential upside of 25.39% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Guggenheim dropped their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 21st. TD Cowen lifted their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Piper Sandler dropped their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Bank of America initiated coverage on shares of Shoals Technologies Group in a report on Monday, November 25th. They issued a “buy” rating and a $6.00 price objective for the company. Finally, Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $9.58.

Shoals Technologies Group Trading Up 2.5 %

Shares of Shoals Technologies Group stock traded up $0.12 on Friday, reaching $4.79. The company had a trading volume of 2,385,064 shares, compared to its average volume of 7,067,656. The firm’s 50 day moving average price is $5.05 and its two-hundred day moving average price is $5.49. The firm has a market cap of $797.66 million, a PE ratio of 23.88, a PEG ratio of 0.50 and a beta of 1.64. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week high of $17.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue was down 23.8% on a year-over-year basis. During the same period last year, the firm posted $0.16 earnings per share. Sell-side analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss acquired 22,300 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the transaction, the chief executive officer now owns 593,700 shares in the company, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 6,460 shares of company stock worth $30,271 in the last 90 days. 1.67% of the stock is owned by insiders.

Hedge Funds Weigh In On Shoals Technologies Group

A number of large investors have recently bought and sold shares of SHLS. FMR LLC grew its stake in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares during the period. Empirical Asset Management LLC acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at about $59,000. TrinityPoint Wealth LLC acquired a new stake in shares of Shoals Technologies Group in the third quarter valued at about $60,000. Mackenzie Financial Corp acquired a new stake in shares of Shoals Technologies Group in the second quarter valued at about $64,000. Finally, American Trust acquired a new stake in shares of Shoals Technologies Group in the second quarter valued at about $68,000.

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.