Shoals Technologies Group (NASDAQ:SHLS) PT Lowered to $11.00 at Piper Sandler

Shoals Technologies Group (NASDAQ:SHLS) had its price target reduced by equities researchers at Piper Sandler from $14.00 to $11.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 48.25% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Janney Montgomery Scott initiated coverage on shares of Shoals Technologies Group in a report on Friday, January 19th. They issued a “buy” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. dropped their target price on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, February 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $24.00 target price on shares of Shoals Technologies Group in a research report on Wednesday, March 13th. Mizuho dropped their target price on shares of Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Barclays dropped their target price on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $18.61.

Shoals Technologies Group Stock Performance

SHLS traded down $1.38 on Wednesday, reaching $7.42. The company had a trading volume of 8,208,335 shares, compared to its average volume of 3,892,079. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average price of $10.66 and a 200-day moving average price of $13.29. Shoals Technologies Group has a 1 year low of $7.36 and a 1 year high of $28.34. The stock has a market capitalization of $1.26 billion, a PE ratio of 30.16 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The firm had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. As a group, research analysts forecast that Shoals Technologies Group will post 0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake in shares of Shoals Technologies Group by 38.0% during the 3rd quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock worth $183,329,000 after purchasing an additional 2,764,566 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after buying an additional 1,894,560 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Shoals Technologies Group by 24.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 21,430 shares of the company’s stock worth $333,000 after buying an additional 4,261 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Shoals Technologies Group by 28.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after buying an additional 1,402,419 shares during the period. Finally, Glenmede Trust Co. NA acquired a new stake in shares of Shoals Technologies Group during the 3rd quarter worth about $206,000.

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.