Shoals Technologies Group (NASDAQ:SHLS) PT Raised to $10.00

Shoals Technologies Group (NASDAQ:SHLS) had its price target increased by stock analysts at Piper Sandler from $8.00 to $10.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 53.85% from the company’s previous close.

Several other brokerages have also recently weighed in on SHLS. UBS Group dropped their price objective on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Jefferies Financial Group assumed coverage on Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $11.00 price target on shares of Shoals Technologies Group in a research report on Friday, September 6th. Oppenheimer lowered their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. decreased their price target on Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.17.

Shoals Technologies Group Price Performance

NASDAQ:SHLS opened at $6.50 on Tuesday. Shoals Technologies Group has a 12-month low of $4.88 and a 12-month high of $22.40. The stock’s 50 day moving average price is $5.92 and its two-hundred day moving average price is $8.02. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 36.11, a P/E/G ratio of 0.81 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The company had revenue of $99.25 million during the quarter, compared to the consensus estimate of $90.57 million. During the same quarter last year, the firm earned $0.12 earnings per share. The company’s revenue was down 16.7% on a year-over-year basis. On average, analysts anticipate that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Shoals Technologies Group by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after acquiring an additional 171,273 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Shoals Technologies Group by 28.5% in the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after purchasing an additional 2,864,879 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in shares of Shoals Technologies Group by 71.6% in the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after purchasing an additional 4,263,964 shares in the last quarter. Clearbridge Investments LLC boosted its position in shares of Shoals Technologies Group by 2.7% during the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock valued at $139,502,000 after buying an additional 233,377 shares during the last quarter. Finally, Joho Capital LLC grew its holdings 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.

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.