Morgan Stanley Cuts Shoals Technologies Group (NASDAQ:SHLS) Price Target to $21.00

Shoals Technologies Group (NASDAQ:SHLSGet Rating) had its target price reduced by research analysts at Morgan Stanley from $25.00 to $21.00 in a report released on Monday, Stock Target Advisor reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 21.18% from the company’s current price.

SHLS has been the subject of a number of other research reports. Cowen reduced their price target on Shoals Technologies Group to $20.00 and set a “na” rating for the company in a report on Tuesday, May 17th. JPMorgan Chase & Co. reduced their price target on Shoals Technologies Group from $35.00 to $33.00 and set an “overweight” rating for the company in a report on Tuesday, April 19th. Piper Sandler cut their target price on shares of Shoals Technologies Group to $15.00 and set a “na” rating for the company in a research note on Tuesday, May 17th. Northland Securities assumed coverage on shares of Shoals Technologies Group in a research note on Tuesday, May 10th. They set an “outperform” rating and a $16.00 target price for the company. Finally, Credit Suisse Group cut their target price on shares of Shoals Technologies Group from $31.00 to $25.00 in a research note on Wednesday, May 18th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Shoals Technologies Group presently has a consensus rating of “Buy” and a consensus price target of $26.38.

Shares of SHLS traded down $0.71 during mid-day trading on Monday, reaching $17.33. The company had a trading volume of 52,681 shares, compared to its average volume of 2,779,311. Shoals Technologies Group has a 52-week low of $9.58 and a 52-week high of $37.61. The stock has a market capitalization of $2.90 billion, a P/E ratio of 345.80 and a beta of 2.60. The stock has a 50 day moving average of $13.90 and a two-hundred day moving average of $17.81.

Shoals Technologies Group (NASDAQ:SHLSGet Rating) last issued its earnings results on Monday, May 16th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). Shoals Technologies Group had a negative return on equity of 179.10% and a net margin of 3.33%. The company had revenue of $67.98 million during the quarter, compared to analysts’ expectations of $69.97 million. The business’s revenue for the quarter was up 49.1% compared to the same quarter last year. Analysts anticipate that Shoals Technologies Group will post 0.24 earnings per share for the current year.

In other Shoals Technologies Group news, CFO Philip A. Garton sold 100,000 shares of the business’s stock in a transaction dated 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 document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Mehgan Peetz sold 4,940 shares of the business’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $15.17, for a total transaction of $74,939.80. Following the completion of the transaction, the general counsel now owns 84,809 shares in the company, valued at $1,286,552.53. The disclosure for this sale can be found here. Insiders own 1.67% of the company’s stock.

A number of large investors have recently bought and sold shares of SHLS. Morgan Stanley boosted its holdings in Shoals Technologies Group by 1,412.8% in the 2nd quarter. Morgan Stanley now owns 471,604 shares of the company’s stock valued at $16,741,000 after purchasing an additional 440,430 shares during the last quarter. Macquarie Group Ltd. acquired a new position in shares of Shoals Technologies Group in the 3rd quarter worth approximately $135,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Shoals Technologies Group by 550.7% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,245 shares of the company’s stock worth $62,000 after acquiring an additional 1,900 shares during the last quarter. Hsbc Holdings PLC acquired a new position in shares of Shoals Technologies Group in the 3rd quarter worth approximately $298,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Shoals Technologies Group by 57.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 17,878 shares of the company’s stock worth $498,000 after acquiring an additional 6,504 shares during the last quarter. 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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