Shoals Technologies Group (NASDAQ:SHLS) Price Target Lowered to $6.00 at Piper Sandler

Shoals Technologies Group (NASDAQ:SHLS) had its price target dropped by analysts at Piper Sandler from $8.00 to $6.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 47.13% from the company’s current price.

Several other research analysts have also recently issued reports on SHLS. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a research report on Tuesday, December 17th. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Roth Mkm reduced their price target on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday. TD Cowen upped their target price on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Mizuho cut their target price on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $9.05.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock traded down $0.19 during trading hours on Wednesday, reaching $4.08. 3,112,144 shares of the company’s stock were exchanged, compared to its average volume of 6,548,503. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The business has a fifty day moving average of $4.90 and a two-hundred day moving average of $5.17. The company has a market capitalization of $679.80 million, a P/E ratio of 20.43, a price-to-earnings-growth ratio of 0.52 and a beta of 1.62. Shoals Technologies Group has a 1 year low of $3.73 and a 1 year high of $16.19.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.12 EPS. As a group, research analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of SHLS. FMR LLC raised its stake in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after purchasing an additional 1,906 shares during the period. Van ECK Associates Corp lifted its stake in Shoals Technologies Group by 1.9% in the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after acquiring an additional 2,517 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Shoals Technologies Group by 20.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company’s stock worth $86,000 after buying an additional 2,652 shares during the period. Maven Securities LTD boosted its holdings in shares of Shoals Technologies Group by 11.1% in the 4th quarter. Maven Securities LTD now owns 50,000 shares of the company’s stock valued at $276,000 after buying an additional 5,000 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Shoals Technologies Group by 2.3% in the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock worth $1,653,000 after purchasing an additional 6,503 shares in 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.