Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $33.00 by Analysts at JPMorgan Chase & Co.

Shoals Technologies Group (NASDAQ:SHLSGet Rating) had its price objective lowered by stock analysts at JPMorgan Chase & Co. from $35.00 to $33.00 in a research note issued to investors on Tuesday, The Fly reports. JPMorgan Chase & Co.‘s target price points to a potential upside of 161.90% from the company’s current price.

Several other research firms also recently commented on SHLS. Piper Sandler downgraded shares of Shoals Technologies Group from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $26.00 to $16.00 in a report on Friday, April 8th. Zacks Investment Research downgraded shares of Shoals Technologies Group from a “hold” rating to a “sell” rating in a report on Saturday, January 22nd. Guggenheim upgraded shares of Shoals Technologies Group from a “neutral” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Friday, March 11th. Colliers Securities reissued a “neutral” rating on shares of Shoals Technologies Group in a research report on Wednesday, March 30th. Finally, Truist Financial reduced their target price on shares of Shoals Technologies Group from $34.00 to $20.00 and set a “hold” rating for the company in a research report on Monday, January 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $29.55.

Shares of SHLS opened at $12.60 on Tuesday. Shoals Technologies Group has a 1-year low of $11.19 and a 1-year high of $37.61. The company’s fifty day simple moving average is $16.15 and its 200 day simple moving average is $22.34.

Shoals Technologies Group (NASDAQ:SHLSGet Rating) last issued its earnings results on Thursday, March 10th. The company reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.04). Shoals Technologies Group had a negative return on equity of 43.41% and a net margin of 1.10%. The firm had revenue of $48.00 million for the quarter, compared to analyst estimates of $46.50 million. During the same quarter in the previous year, the firm posted $0.06 earnings per share. Shoals Technologies Group’s quarterly revenue was up 23.7% on a year-over-year basis. On average, analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

In related news, CFO Philip A. Garton sold 100,000 shares of the company’s stock in a transaction dated Wednesday, March 23rd. The shares were sold at an average price of $22.00, for a total transaction of $2,200,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.67% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of SHLS. Morgan Stanley lifted its position in Shoals Technologies Group by 1,412.8% during the second quarter. Morgan Stanley now owns 471,604 shares of the company’s stock worth $16,741,000 after purchasing an additional 440,430 shares during the period. M&T Bank Corp raised its stake in Shoals Technologies Group by 11.8% during the third quarter. M&T Bank Corp now owns 8,845 shares of the company’s stock worth $246,000 after acquiring an additional 937 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Shoals Technologies Group by 45.2% during the third quarter. Janney Montgomery Scott LLC now owns 12,937 shares of the company’s stock worth $361,000 after acquiring an additional 4,029 shares in the last quarter. Amalgamated Bank raised its stake in Shoals Technologies Group by 9.3% during the third quarter. Amalgamated Bank now owns 18,545 shares of the company’s stock worth $517,000 after acquiring an additional 1,583 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in Shoals Technologies Group by 460.4% during the third quarter. SG Americas Securities LLC now owns 34,754 shares of the company’s stock worth $969,000 after acquiring an additional 28,552 shares in the last quarter. 67.87% of the stock is owned by institutional investors and hedge funds.

Shoals Technologies Group Company Profile (Get Rating)

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices.

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