Piper Sandler Increases Shoals Technologies Group (NASDAQ:SHLS) Price Target to $10.00

Shoals Technologies Group (NASDAQ:SHLS) had its price objective lifted by Piper Sandler from $8.00 to $10.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also issued reports on the company. BNP Paribas lowered Shoals Technologies Group from an outperform rating to a neutral rating and dropped their target price for the company from $15.00 to $7.00 in a research report on Wednesday, August 7th. Oppenheimer cut their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an outperform rating on the stock in a research report on Wednesday, August 7th. Roth Capital lowered Shoals Technologies Group from a hold rating to a strong sell rating in a research note on Wednesday, August 7th. Royal Bank of Canada reissued an outperform rating and set a $11.00 target price on shares of Shoals Technologies Group in a research note on Friday, September 6th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Shoals Technologies Group from $23.00 to $19.00 and set an overweight rating on the stock in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Shoals Technologies Group presently has a consensus rating of Hold and a consensus price target of $11.17.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $6.35 on Tuesday. The business’s 50 day moving average price is $5.94 and its 200-day moving average price is $7.95. Shoals Technologies Group has a fifty-two week low of $4.88 and a fifty-two week high of $22.05. The company has a market cap of $1.06 billion, a P/E ratio of 35.28, a P/E/G ratio of 0.93 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business’s revenue was down 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 earnings per share. Sell-side analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SHLS. William Blair Investment Management LLC boosted its position in Shoals Technologies Group by 71.6% during the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after purchasing an additional 4,263,964 shares in the last quarter. Joho Capital LLC boosted its holdings in shares of Shoals Technologies Group by 111.6% in the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after buying an additional 3,387,539 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after buying an additional 2,864,879 shares during the last quarter. Millennium Management LLC raised its stake in shares of Shoals Technologies Group by 262.8% during the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after acquiring an additional 2,442,227 shares in the last quarter. Finally, Swedbank AB purchased a new stake in Shoals Technologies Group during the first quarter valued at approximately $25,268,000.

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.