Cantor Fitzgerald Reiterates “Overweight” Rating for Shoals Technologies Group (NASDAQ:SHLS)

Shoals Technologies Group (NASDAQ:SHLS)‘s stock had its “overweight” rating restated by investment analysts at Cantor Fitzgerald in a report issued on Tuesday, Benzinga reports. They currently have a $12.00 price objective on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 81.00% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Roth Capital cut shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Northland Securities dropped their price target on 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. Truist Financial decreased their price objective on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. UBS Group dropped their target price on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Citigroup lowered Shoals Technologies Group from a “buy” rating to a “sell” rating and decreased their price target for the company from $15.00 to $5.00 in a report on Tuesday, July 2nd. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and an average price target of $11.06.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock traded up $0.33 during trading on Tuesday, reaching $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 company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The business has a fifty day simple moving average of $5.94 and a two-hundred day simple moving average of $7.80. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 37.11, a P/E/G ratio of 0.93 and a beta of 1.74.

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

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds have recently made changes to their positions in SHLS. Vanguard Group Inc. raised its holdings in shares of Shoals Technologies Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after acquiring an additional 171,273 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Shoals Technologies Group by 28.5% during the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after purchasing an additional 2,864,879 shares in the last quarter. William Blair Investment Management LLC boosted its stake in shares of Shoals Technologies Group by 71.6% during the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after purchasing an additional 4,263,964 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Shoals Technologies Group by 2.7% during the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock valued at $139,502,000 after buying an additional 233,377 shares during the period. Finally, Joho Capital LLC raised its stake in Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after buying an additional 3,387,539 shares in the last quarter.

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.