Shoals Technologies Group (NASDAQ:SHLS) Given New $20.00 Price Target at Cowen

Shoals Technologies Group (NASDAQ:SHLS – Get Rating) had its price target lowered by Cowen to $20.00 in a research report issued on Tuesday, Stock Target Advisor reports. The brokerage currently has a “na” rating on the stock. Cowen’s target price would suggest a potential upside of 46.84% from the stock’s current price.

Several other equities analysts have also recently weighed in on the stock. Morgan Stanley dropped their price target on shares of Shoals Technologies Group from $27.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 22nd. Colliers Securities reissued a “neutral” rating on shares of Shoals Technologies Group in a research report on Wednesday, March 30th. 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. JPMorgan Chase & Co. dropped their target price on shares of Shoals Technologies Group from $35.00 to $33.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 19th. Finally, Guggenheim decreased their price target on shares of Shoals Technologies Group from $22.00 to $19.00 and set a “na” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $27.50.

NASDAQ:SHLS traded up $1.50 during mid-day trading on Tuesday, hitting $13.62. 97,604 shares of the company’s stock were exchanged, compared to its average volume of 3,238,263. The company has a 50 day simple moving average of $15.11 and a 200-day simple moving average of $20.04. Shoals Technologies Group has a fifty-two week low of $9.58 and a fifty-two week high of $37.61.

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

In related news, CFO Philip A. Garton sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 23rd. The shares were sold at an average price of $22.00, for a total value of $2,200,000.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.67% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SHLS. Morgan Stanley raised its stake in Shoals Technologies Group by 1,412.8% during the 2nd quarter. Morgan Stanley now owns 471,604 shares of the company’s stock worth $16,741,000 after acquiring an additional 440,430 shares during the period. Deutsche Bank AG raised its stake in Shoals Technologies Group by 663.2% during the 3rd quarter. Deutsche Bank AG now owns 48,660 shares of the company’s stock worth $1,356,000 after acquiring an additional 42,284 shares during the period. Swiss National Bank raised its stake in Shoals Technologies Group by 0.5% during the 3rd quarter. Swiss National Bank now owns 196,900 shares of the company’s stock worth $5,490,000 after acquiring an additional 1,000 shares during the period. Principal Financial Group Inc. raised its stake in Shoals Technologies Group by 10.8% during the 3rd quarter. Principal Financial Group Inc. now owns 7,964 shares of the company’s stock worth $222,000 after acquiring an additional 774 shares during the period. Finally, BlackRock Inc. raised its stake in Shoals Technologies Group by 1.8% during the 3rd quarter. BlackRock Inc. now owns 18,422,498 shares of the company’s stock worth $513,617,000 after acquiring an additional 334,147 shares during the period. Institutional investors own 67.05% of the company’s stock.

About Shoals Technologies Group (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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