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

Shoals Technologies Group (NASDAQ:SHLS) had its target price upped by Mizuho from $6.00 to $7.00 in a report released on Monday morning,Benzinga reports. Mizuho currently has an outperform rating on the stock.

A number of other research firms have also recently issued reports on SHLS. BNP Paribas reaffirmed an “underperform” rating and issued a $4.00 price target (down previously from $4.50) on shares of Shoals Technologies Group in a report on Thursday, May 15th. BNP Paribas Exane cut shares of Shoals Technologies Group from a “neutral” rating to an “underperform” rating and set a $4.00 price target for the company. in a report on Thursday, May 15th. Wolfe Research began coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They issued a “peer perform” rating for the company. The Goldman Sachs Group raised their price target on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. Finally, UBS Group decreased their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.45.

Shoals Technologies Group Price Performance

NASDAQ SHLS opened at $4.56 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The firm’s 50 day moving average price is $3.99 and its 200-day moving average price is $4.31. Shoals Technologies Group has a 52-week low of $2.71 and a 52-week high of $8.05. The company has a market cap of $762.32 million, a PE ratio of 22.80, a P/E/G ratio of 0.52 and a beta of 1.52.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $80.36 million for the quarter, compared to analysts’ expectations of $74.66 million. During the same period in the previous year, the company earned $0.07 EPS. The company’s revenue was down 11.2% on a year-over-year basis. Sell-side analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the sale, the chief executive officer now owns 1,051,303 shares in the company, valued at $3,227,500.21. This trade represents a 2.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders sold 40,575 shares of company stock worth $123,957. Company insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds have recently added to or reduced their stakes in the company. Goodlander Investment Management LLC purchased a new position in Shoals Technologies Group in the fourth quarter valued at about $8,295,000. Schonfeld Strategic Advisors LLC grew its stake in Shoals Technologies Group by 189.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company’s stock worth $684,000 after acquiring an additional 80,911 shares during the period. Impax Asset Management Group plc grew its stake in Shoals Technologies Group by 126.3% in the 4th quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company’s stock worth $19,083,000 after acquiring an additional 1,935,983 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Shoals Technologies Group by 45.3% in the 4th quarter. Ameriprise Financial Inc. now owns 1,882,420 shares of the company’s stock valued at $10,410,000 after purchasing an additional 587,235 shares during the last quarter. Finally, RWC Asset Management LLP acquired a new position in shares of Shoals Technologies Group in the 4th quarter valued at $1,891,000.

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.