Shoals Technologies Group (NASDAQ:SHLS) Given Underperform Rating at Northland Securities

Shoals Technologies Group (NASDAQ:SHLS)‘s stock had its “underperform” rating reaffirmed by Northland Securities in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $6.00 price target on the stock, down from their previous price target of $12.00. Northland Securities’ price objective would suggest a potential downside of 19.35% from the stock’s previous close.

Several other brokerages also recently issued reports on SHLS. Truist Financial reiterated a “buy” rating and set a $20.00 price target (down previously from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Piper Sandler lowered their target price on Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Royal Bank of Canada decreased their price target on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. TD Cowen cut their price objective on shares of Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Oppenheimer decreased their price objective on shares of Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.78.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS traded down $1.36 during trading hours on Wednesday, hitting $7.44. 6,793,350 shares of the company traded hands, compared to its average volume of 3,871,813. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 30.08 and a beta of 1.86. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. The firm has a 50-day moving average of $10.66 and a 200 day moving average of $13.29. Shoals Technologies Group has a twelve month low of $7.36 and a twelve month high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The business had revenue of $130.44 million during the quarter, compared to the consensus estimate of $131.89 million. On average, analysts forecast that Shoals Technologies Group will post 0.5 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds have recently bought and sold shares of SHLS. ProShare Advisors LLC raised its holdings in shares of Shoals Technologies Group by 6.3% during the first quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock valued at $459,000 after purchasing an additional 2,427 shares during the last quarter. Qsemble Capital Management LP boosted its position in shares of Shoals Technologies Group by 59.7% in the first quarter. Qsemble Capital Management LP now owns 58,113 shares of the company’s stock worth $650,000 after purchasing an additional 21,729 shares during the period. Headlands Technologies LLC bought a new position in shares of Shoals Technologies Group during the first quarter worth $92,000. ANTIPODES PARTNERS Ltd boosted its position 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 acquiring an additional 2,638 shares during the last quarter. Finally, Corbyn Investment Management Inc. MD purchased a new stake in Shoals Technologies Group during the first quarter valued at $581,000.

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.