Shoals Technologies Group (NASDAQ:SHLS) Given New $8.00 Price Target at Piper Sandler

Shoals Technologies Group (NASDAQ:SHLS) had its price target decreased by Piper Sandler from $10.00 to $8.00 in a report published on Friday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

SHLS has been the subject of a number of other research reports. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price target for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. BNP Paribas downgraded Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $15.00 to $7.00 in a research note on Wednesday, August 7th. UBS Group cut their price objective on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Finally, Roth Mkm lowered their target price on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Three equities 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.31.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $5.07 on Friday. The firm has a market capitalization of $845.17 million, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 0.70 and a beta of 1.73. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. Shoals Technologies Group has a one year low of $4.07 and a one year high of $17.50. The stock’s fifty day moving average is $5.33 and its 200-day moving average is $6.01.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same period in the prior year, the business earned $0.16 EPS. The company’s quarterly revenue was down 23.8% compared to the same quarter last year. Equities analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss bought 22,300 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the transaction, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. The trade was a 3.90 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHLS. Vanguard Group Inc. increased its holdings in Shoals Technologies Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after purchasing an additional 171,273 shares during the last quarter. Lazard Asset Management LLC grew its stake in Shoals Technologies Group by 8.4% in the first quarter. Lazard Asset Management LLC now owns 150,026 shares of the company’s stock valued at $1,676,000 after acquiring an additional 11,671 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Shoals Technologies Group by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after acquiring an additional 1,857 shares during the period. Paloma Partners Management Co acquired a new position in Shoals Technologies Group in the first quarter valued at about $115,000. Finally, Joho Capital LLC grew its stake in Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after acquiring an additional 3,387,539 shares during the period.

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.