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

Shoals Technologies Group (NASDAQ:SHLS) had its target price cut by Piper Sandler from $8.00 to $6.00 in a research report released on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts also recently issued reports on SHLS. Guggenheim cut their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Roth Mkm dropped their target price on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday. Oppenheimer reduced their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 28th. Barclays dropped their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Finally, The Goldman Sachs Group cut their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and a consensus target price of $8.95.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $3.88 on Wednesday. The firm has a 50-day simple moving average of $4.89 and a two-hundred day simple moving average of $5.16. The stock has a market cap of $646.79 million, a PE ratio of 19.40, a P/E/G 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. 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 (NASDAQ:SHLS) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 EPS. As a group, analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds have recently added to or reduced their stakes in the stock. American Trust purchased a new stake in shares of Shoals Technologies Group during the 4th quarter worth approximately $72,000. 49 Wealth Management LLC acquired a new stake in Shoals Technologies Group during the 4th quarter worth $74,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Shoals Technologies Group by 13.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 478,524 shares of the company’s stock valued at $2,646,000 after acquiring an additional 56,176 shares during the last quarter. Two Sigma Investments LP boosted its stake in Shoals Technologies Group by 40.6% in the fourth quarter. Two Sigma Investments LP now owns 657,589 shares of the company’s stock valued at $3,636,000 after acquiring an additional 189,754 shares in the last quarter. Finally, State of Wyoming boosted its stake in Shoals Technologies Group by 250.7% in the fourth quarter. State of Wyoming now owns 15,117 shares of the company’s stock valued at $84,000 after acquiring an additional 10,806 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.