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 dropped by equities research analysts at Piper Sandler from $10.00 to $8.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 67.36% from the stock’s previous close.

Several other analysts have also weighed in on SHLS. Royal Bank of Canada reiterated an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Cantor Fitzgerald restated an “overweight” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Morgan Stanley decreased their price target on Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Friday, November 15th. Oppenheimer dropped their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price objective for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and an average target price of $11.58.

Shoals Technologies Group Trading Up 8.6 %

SHLS stock traded up $0.38 during mid-day trading on Friday, reaching $4.78. 2,549,468 shares of the stock traded hands, compared to its average volume of 4,982,452. The stock’s fifty day moving average is $5.39 and its 200-day moving average is $6.09. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 52-week low of $4.07 and a 52-week high of $17.50. The company has a market cap of $796.59 million, a P/E ratio of 23.70, a P/E/G ratio of 0.61 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same period last year, the company earned $0.16 earnings per share. As a group, sell-side analysts expect that Shoals Technologies Group will post 0.28 earnings per share for the current year.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss purchased 22,300 shares of the firm’s stock in a transaction that occurred on 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 completion of the acquisition, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in Shoals Technologies Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after buying an additional 171,273 shares in the last quarter. Wellington Management Group LLP lifted its stake in Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after purchasing an additional 1,666,691 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after buying an additional 5,622,207 shares during the period. Joho Capital LLC grew its position in Shoals Technologies Group by 111.6% during the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after buying an additional 3,387,539 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new stake in Shoals Technologies Group in the third quarter valued at approximately $20,191,000.

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.