Shoals Technologies Group (NASDAQ:SHLS) Price Target Cut to $14.00 by Analysts at Piper Sandler

Shoals Technologies Group (NASDAQ:SHLS) had its price target decreased by research analysts at Piper Sandler from $16.00 to $14.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 52.67% from the company’s previous close.

Other analysts have also issued reports about the stock. Janney Montgomery Scott initiated coverage on shares of Shoals Technologies Group in a research note on Friday, January 19th. They set a “buy” rating and a $20.00 price target on the stock. Oppenheimer cut their target price on shares of Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. UBS Group cut their target price on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Barclays cut their target price on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 5th. Finally, Royal Bank of Canada cut their target price on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.06.

Shoals Technologies Group Stock Down 5.3 %

Shares of NASDAQ:SHLS opened at $9.17 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. The firm has a market capitalization of $1.56 billion, a PE ratio of 36.68 and a beta of 1.79. The firm’s 50-day moving average is $13.06 and its two-hundred day moving average is $14.30. Shoals Technologies Group has a 1 year low of $9.09 and a 1 year high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The business had revenue of $130.44 million for the quarter, compared to analysts’ expectations of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. Analysts predict that Shoals Technologies Group will post 0.51 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its holdings in Shoals Technologies Group by 14.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock valued at $181,000 after purchasing an additional 1,429 shares in the last quarter. SCP Investment LP acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at approximately $763,000. Vanguard Group Inc. boosted its holdings in shares of Shoals Technologies Group by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock valued at $254,241,000 after acquiring an additional 225,464 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Shoals Technologies Group by 28.5% in the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after acquiring an additional 2,864,879 shares during the period. Finally, Electron Capital Partners LLC boosted its holdings in shares of Shoals Technologies Group by 102.9% in the fourth quarter. Electron Capital Partners LLC now owns 2,148,680 shares of the company’s stock valued at $33,390,000 after acquiring an additional 1,089,848 shares during the period.

About Shoals Technologies Group

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.