Piper Sandler Issues Pessimistic Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its target price cut by equities research analysts at Piper Sandler from $10.00 to $8.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 67.36% from the stock’s previous close.

Several other research analysts have also issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Guggenheim cut their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Truist Financial cut their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Finally, Roth Capital lowered shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $11.58.

Shoals Technologies Group Stock Up 8.6 %

SHLS stock traded up $0.38 during midday trading on Friday, hitting $4.78. The company’s stock had a trading volume of 2,549,468 shares, compared to its average volume of 4,982,452. The firm’s 50-day moving average is $5.39 and its 200-day moving average is $6.09. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The company has a market cap of $796.59 million, a PE ratio of 23.70, a P/E/G ratio of 0.61 and a beta of 1.73. Shoals Technologies Group has a 12 month low of $4.07 and a 12 month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.16 earnings per share. On average, equities research analysts forecast that Shoals Technologies Group will post 0.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Brandon Moss purchased 22,300 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This represents a 3.90 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 1.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. M&G Plc purchased a new stake in shares of Shoals Technologies Group during the second quarter worth $7,021,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in Shoals Technologies Group by 104.1% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after buying an additional 69,193 shares during the last quarter. Swedbank AB purchased a new position in Shoals Technologies Group in the first quarter valued at $25,268,000. Skandinaviska Enskilda Banken AB publ raised its stake in Shoals Technologies Group by 146.9% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after buying an additional 93,400 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Shoals Technologies Group by 34.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after buying an additional 690,344 shares during the last quarter.

Shoals Technologies Group Company Profile

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.