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

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

SHLS has been the topic of several other research reports. Roth Capital cut shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Oppenheimer reduced their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. UBS Group dropped their price objective on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Barclays dropped their price objective on shares of 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, Morgan Stanley dropped their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Friday, November 15th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $11.58.

Shoals Technologies Group Trading Up 9.8 %

Shoals Technologies Group stock opened at $4.83 on Friday. The stock has a market cap of $805.16 million, a P/E ratio of 24.15, a PEG 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. Shoals Technologies Group has a 1 year low of $4.07 and a 1 year high of $17.50. The firm’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 released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (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 company had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter in the previous 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 analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Brandon Moss bought 22,300 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the transaction, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

A number of large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in Shoals Technologies Group by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after buying an additional 1,857 shares during the last quarter. FMR LLC boosted its position in Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares in the last quarter. Van ECK Associates Corp boosted its position in Shoals Technologies Group by 1.9% in the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after purchasing an additional 2,517 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Shoals Technologies Group by 3.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after purchasing an additional 3,699 shares in the last quarter. Finally, Point72 DIFC Ltd boosted its position in Shoals Technologies Group by 12.8% in the 2nd quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock worth $341,000 after purchasing an additional 6,206 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.