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

Shoals Technologies Group (NASDAQ:SHLS) had its price objective reduced by research analysts at Morgan Stanley from $8.00 to $7.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 53.51% from the company’s previous close.

Several other research analysts have also recently weighed in on SHLS. Royal Bank of Canada reissued an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a report on Friday, September 6th. Jefferies Financial Group began coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price target on the stock. Piper Sandler raised their price target on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. TD Cowen upped their price objective on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Northland Securities dropped their target price on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $11.92.

Shoals Technologies Group Stock Performance

Shares of SHLS opened at $4.56 on Friday. The company has a market cap of $759.92 million, a price-to-earnings ratio of 22.80, a P/E/G ratio of 0.67 and a beta of 1.73. The business’s fifty day simple moving average is $5.54 and its two-hundred day simple moving average is $6.19. Shoals Technologies Group has a 12 month low of $4.53 and a 12 month high of $17.50. The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same period last year, the business earned $0.16 earnings per share. The company’s quarterly revenue was down 23.8% on a year-over-year basis. Research analysts anticipate that Shoals Technologies Group will post 0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHLS. Quantbot Technologies LP purchased a new position in shares of Shoals Technologies Group in the first quarter worth $217,000. ProShare Advisors LLC lifted its stake in Shoals Technologies Group by 6.3% in the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock worth $459,000 after purchasing an additional 2,427 shares in the last quarter. Blair William & Co. IL boosted its holdings in shares of Shoals Technologies Group by 81.9% during the 1st quarter. Blair William & Co. IL now owns 37,909 shares of the company’s stock valued at $424,000 after purchasing an additional 17,064 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Shoals Technologies Group by 1.0% during the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after purchasing an additional 171,273 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Shoals Technologies Group by 15.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 436,340 shares of the company’s stock worth $4,878,000 after purchasing an additional 59,967 shares during the last quarter.

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.