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

Shoals Technologies Group (NASDAQ:SHLS) had its target price cut by Piper Sandler from $11.00 to $8.00 in a research note released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts also recently issued reports on SHLS. Roth Capital downgraded shares of Shoals Technologies Group from a buy rating to a neutral rating in a research report on Tuesday, May 7th. Northland Securities reiterated an underperform rating and set a $6.00 price target (down previously from $12.00) on shares of Shoals Technologies Group in a research report on Wednesday, May 8th. Royal Bank of Canada reduced their price target on shares of Shoals Technologies Group from $15.00 to $13.00 and set an outperform rating on the stock in a research report on Monday, July 8th. JPMorgan Chase & Co. upped their target price on shares of Shoals Technologies Group from $21.00 to $23.00 and gave the company an overweight rating in a research report on Tuesday, July 16th. Finally, UBS Group cut their target price on shares of Shoals Technologies Group from $20.00 to $12.00 and set a buy rating on the stock in a research report on Thursday, July 18th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $11.76.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS traded down $0.17 on Wednesday, hitting $5.12. The stock had a trading volume of 9,247,242 shares, compared to its average volume of 4,936,422. Shoals Technologies Group has a twelve month low of $4.88 and a twelve month high of $22.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.87 and a current ratio of 2.62. The firm’s 50 day moving average price is $6.45 and its 200-day moving average price is $9.53. The company has a market capitalization of $872.55 million, a price-to-earnings ratio of 28.45 and a beta of 1.76.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.77%. The company had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. During the same quarter in the previous year, the company earned $0.12 EPS. The firm’s revenue for the quarter was down 16.7% compared to the same quarter last year. On average, equities research analysts predict that Shoals Technologies Group will post 0.44 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of SHLS. ANTIPODES PARTNERS Ltd increased its stake in shares of Shoals Technologies Group by 122.4% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after acquiring an additional 2,638 shares during the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at about $54,000. Versor Investments LP bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at about $80,000. Pallas Capital Advisors LLC bought a new stake in Shoals Technologies Group during the 2nd quarter worth approximately $90,000. Finally, Headlands Technologies LLC bought a new stake in Shoals Technologies Group during the 1st quarter worth approximately $92,000.

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.