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

Shoals Technologies Group (NASDAQ:SHLS) had its target price reduced by stock analysts at Piper Sandler from $10.00 to $8.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 65.63% from the stock’s previous close.

Several other analysts have also commented on the stock. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Oppenheimer lowered their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Truist Financial lowered their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Guggenheim lowered their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Roth Mkm lowered their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $11.58.

Shoals Technologies Group Stock Up 9.8 %

Shoals Technologies Group stock opened at $4.83 on Friday. Shoals Technologies Group has a fifty-two week low of $4.07 and a fifty-two week high of $17.50. The stock has a market cap of $805.16 million, a PE ratio of 24.15, a price-to-earnings-growth ratio of 0.64 and a beta of 1.73. The firm’s 50-day simple moving average is $5.36 and its 200 day simple moving average is $6.04. 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 (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate 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 return on equity of 9.83% and a net margin of 7.78%. The business’s revenue was down 23.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 EPS. Research analysts predict that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The stock was bought at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 1.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC grew its stake in Shoals Technologies Group by 25.9% in the 3rd quarter. Barclays PLC now owns 291,242 shares of the company’s stock worth $1,634,000 after buying an additional 59,856 shares in the last quarter. Y Intercept Hong Kong Ltd grew its stake in Shoals Technologies Group by 33.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock worth $826,000 after buying an additional 37,008 shares in the last quarter. XTX Topco Ltd grew its stake in Shoals Technologies Group by 346.6% in the 3rd quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock worth $758,000 after buying an additional 104,850 shares in the last quarter. Yaupon Capital Management LP purchased a new position in Shoals Technologies Group in the 3rd quarter worth approximately $8,585,000. Finally, Wellington Management Group LLP grew 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 buying an additional 1,666,691 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.