Shoals Technologies Group (NASDAQ:SHLS) Given New $6.00 Price Target at Piper Sandler

Shoals Technologies Group (NASDAQ:SHLS) had its price objective reduced by Piper Sandler from $8.00 to $6.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently weighed in on SHLS. The Goldman Sachs Group dropped their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday. Royal Bank of Canada lowered their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday. Wolfe Research started coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They set a “peer perform” rating for the company. Mizuho lowered their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Finally, Oppenheimer dropped 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 note on Tuesday, January 28th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Shoals Technologies Group presently has an average rating of “Hold” and an average target price of $8.95.

Shoals Technologies Group Stock Down 8.9 %

Shares of NASDAQ:SHLS opened at $3.88 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The stock has a market cap of $646.79 million, a P/E 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 firm has a fifty day moving average price of $4.89 and a 200 day moving average price of $5.16.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. Shoals Technologies Group’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter last year, the company posted $0.12 EPS. Sell-side analysts predict that Shoals Technologies Group will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in SHLS. Wellington Management Group LLP raised its position in Shoals Technologies Group by 14.6% during the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after acquiring an additional 1,666,691 shares during the last quarter. Point72 Europe London LLP purchased a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $1,461,000. Erste Asset Management GmbH purchased a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $20,191,000. Roubaix Capital LLC acquired a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $2,156,000. Finally, Verition Fund Management LLC lifted its stake in Shoals Technologies Group by 938.3% in the 3rd quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock valued at $12,629,000 after buying an additional 2,034,291 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.