Cowen Lowers Shoals Technologies Group (NASDAQ:SHLS) Price Target to $35.00

Shoals Technologies Group (NASDAQ:SHLSGet Rating) had its price target lowered by equities research analysts at Cowen from $37.50 to $35.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage presently has an “outperform” rating on the stock. Cowen’s price objective suggests a potential upside of 27.92% from the company’s current price.

A number of other brokerages also recently issued reports on SHLS. Oppenheimer raised their price objective on Shoals Technologies Group to $41.00 in a research report on Thursday, November 17th. Morgan Stanley lowered their target price on Shoals Technologies Group from $36.00 to $32.00 and set an “equal weight” rating for the company in a report on Tuesday, January 10th. Piper Sandler raised their target price on Shoals Technologies Group from $28.00 to $30.00 and gave the company a “neutral” rating in a report on Tuesday, November 15th. Barclays raised their target price on Shoals Technologies Group from $25.00 to $30.00 and gave the company an “equal weight” rating in a report on Wednesday, November 16th. Finally, Credit Suisse Group raised their target price on Shoals Technologies Group from $26.00 to $29.00 and gave the company an “outperform” rating in a report on Tuesday, January 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $31.18.

Shoals Technologies Group Stock Up 2.6 %

Shares of SHLS opened at $27.36 on Friday. Shoals Technologies Group has a 52-week low of $9.58 and a 52-week high of $32.43. The company has a market capitalization of $4.58 billion, a PE ratio of 304.03 and a beta of 2.14. The stock has a fifty day simple moving average of $26.29 and a two-hundred day simple moving average of $23.68. The company has a quick ratio of 1.45, a current ratio of 2.60 and a debt-to-equity ratio of 12.13.

Shoals Technologies Group (NASDAQ:SHLSGet Rating) last issued its quarterly earnings data on Monday, November 14th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. The firm had revenue of $90.82 million during the quarter, compared to the consensus estimate of $82.92 million. Shoals Technologies Group had a return on equity of 453.46% and a net margin of 4.70%. As a group, equities analysts forecast that Shoals Technologies Group will post 0.23 EPS for the current year.

Insider Transactions at Shoals Technologies Group

In other news, CEO Jason R. Whitaker sold 65,675 shares of the firm’s stock in a transaction dated Thursday, November 17th. The stock was sold at an average price of $29.91, for a total transaction of $1,964,339.25. Following the sale, the chief executive officer now owns 602,639 shares of the company’s stock, valued at approximately $18,024,932.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Jason R. Whitaker sold 65,675 shares of the firm’s stock in a transaction dated Thursday, November 17th. The stock was sold at an average price of $29.91, for a total transaction of $1,964,339.25. Following the sale, the chief executive officer now owns 602,639 shares of the company’s stock, valued at approximately $18,024,932.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jason R. Whitaker sold 12,054 shares of the firm’s stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $28.58, for a total value of $344,503.32. Following the sale, the chief executive officer now directly owns 543,180 shares in the company, valued at approximately $15,524,084.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 655,417 shares of company stock valued at $14,762,582. Corporate insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SHLS. William Blair Investment Management LLC acquired a new position in Shoals Technologies Group during the second quarter worth approximately $88,878,000. Encompass Capital Advisors LLC acquired a new position in Shoals Technologies Group during the second quarter worth approximately $52,245,000. Capital Research Global Investors increased its position in Shoals Technologies Group by 107.7% during the first quarter. Capital Research Global Investors now owns 3,466,612 shares of the company’s stock worth $59,071,000 after buying an additional 1,797,637 shares during the period. JPMorgan Chase & Co. increased its position in Shoals Technologies Group by 165.0% during the second quarter. JPMorgan Chase & Co. now owns 2,877,260 shares of the company’s stock worth $47,416,000 after buying an additional 1,791,661 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Shoals Technologies Group by 69.5% during the second quarter. Goldman Sachs Group Inc. now owns 4,073,397 shares of the company’s stock worth $67,130,000 after buying an additional 1,670,238 shares during the period. Institutional investors and hedge funds own 81.94% of the company’s stock.

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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