Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $8.00 by Analysts at Piper Sandler

Shoals Technologies Group (NASDAQ:SHLS) had its price objective trimmed by Piper Sandler from $10.00 to $8.00 in a report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms also recently commented on SHLS. Roth Mkm reduced their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Royal Bank of Canada reissued an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Barclays reduced their price objective on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 13th. Finally, TD Cowen increased their price objective on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.58.

Shoals Technologies Group Trading Up 9.8 %

Shares of NASDAQ:SHLS opened at $4.83 on Friday. Shoals Technologies Group has a 1 year low of $4.07 and a 1 year high of $17.50. The firm has a market capitalization of $805.16 million, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 0.64 and a beta of 1.73. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The business’s 50 day moving average price is $5.36 and its 200-day moving average price is $6.06.

Shoals Technologies Group (NASDAQ:SHLS) last announced its 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). 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 quarter last year, the business earned $0.16 EPS. The company’s quarterly revenue was down 23.8% on a year-over-year basis. On average, equities research analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Brandon Moss acquired 22,300 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the purchase, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents a 3.90 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after acquiring an additional 171,273 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of Shoals Technologies Group by 8.4% during the 1st quarter. Lazard Asset Management LLC now owns 150,026 shares of the company’s stock worth $1,676,000 after acquiring an additional 11,671 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock worth $2,068,000 after acquiring an additional 1,857 shares in the last quarter. Paloma Partners Management Co acquired a new stake in shares of Shoals Technologies Group during the 1st quarter worth about $115,000. Finally, Joho Capital LLC raised its position in shares of Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after acquiring 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.