Shoals Technologies Group (NASDAQ:SHLS) Given New $15.00 Price Target at Piper Sandler

Shoals Technologies Group (NASDAQ:SHLSGet Rating) had its price objective reduced by Piper Sandler to $15.00 in a note issued to investors on Tuesday, Stock Target Advisor reports. The brokerage presently has a “na” rating on the stock. Piper Sandler’s price target suggests a potential upside of 10.13% from the company’s previous close.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their price objective on shares of Shoals Technologies Group from $35.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, April 19th. Oppenheimer reduced their price target on shares of Shoals Technologies Group to $40.00 and set a “na” rating for the company in a report on Tuesday. Morgan Stanley dropped their price objective on shares of Shoals Technologies Group from $27.00 to $25.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 22nd. Zacks Investment Research cut shares of Shoals Technologies Group from a “hold” rating to a “sell” rating in a research report on Saturday, January 22nd. Finally, Guggenheim decreased their target price on Shoals Technologies Group from $22.00 to $19.00 and set a “na” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Shoals Technologies Group has an average rating of “Hold” and a consensus target price of $27.50.

SHLS traded up $1.50 during trading on Tuesday, reaching $13.62. 97,604 shares of the stock traded hands, compared to its average volume of 3,238,263. The stock’s 50-day moving average is $15.11 and its 200 day moving average is $20.04. Shoals Technologies Group has a 12 month low of $9.58 and a 12 month high of $37.61.

Shoals Technologies Group (NASDAQ:SHLSGet Rating) last announced its quarterly earnings data on Monday, May 16th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). Shoals Technologies Group had a net margin of 1.10% and a negative return on equity of 43.41%. The business had revenue of $67.98 million during the quarter, compared to analyst estimates of $69.97 million. Shoals Technologies Group’s revenue for the quarter was up 49.1% on a year-over-year basis. As a group, research analysts predict that Shoals Technologies Group will post 0.28 EPS for the current fiscal year.

In other Shoals Technologies Group news, CFO Philip A. Garton sold 100,000 shares of Shoals Technologies Group stock in a transaction dated Wednesday, March 23rd. The stock was sold at an average price of $22.00, for a total transaction of $2,200,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.67% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Capital World Investors raised its holdings in shares of Shoals Technologies Group by 69.4% in the third quarter. Capital World Investors now owns 8,893,426 shares of the company’s stock valued at $247,949,000 after purchasing an additional 3,641,933 shares during the last quarter. Norges Bank purchased a new stake in Shoals Technologies Group in the 4th quarter valued at about $45,223,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Shoals Technologies Group in the 4th quarter worth approximately $44,294,000. BlackRock Inc. grew its holdings in shares of Shoals Technologies Group by 7.9% in the fourth quarter. BlackRock Inc. now owns 19,878,401 shares of the company’s stock valued at $483,045,000 after acquiring an additional 1,455,903 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Shoals Technologies Group by 90.4% during the first quarter. Goldman Sachs Group Inc. now owns 2,403,159 shares of the company’s stock worth $40,950,000 after acquiring an additional 1,140,800 shares during the period. 67.05% of the stock is currently owned by hedge funds and other institutional investors.

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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