Piper Sandler Has Lowered Expectations for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its target price lowered by research analysts at Piper Sandler from $8.00 to $6.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 47.13% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on SHLS. The Goldman Sachs Group cut their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday. Oppenheimer decreased their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, January 28th. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a research report on Tuesday, December 17th. Wolfe Research assumed coverage on Shoals Technologies Group in a report on Tuesday, February 18th. They issued a “peer perform” rating on the stock. Finally, Bank of America initiated coverage on shares of Shoals Technologies Group in a research note on Monday, November 25th. They set a “buy” rating and a $6.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.05.

Shoals Technologies Group Price Performance

Shares of SHLS stock traded down $0.19 during mid-day trading on Wednesday, hitting $4.08. The company had a trading volume of 3,112,144 shares, compared to its average volume of 6,548,503. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The stock’s 50 day moving average price is $4.90 and its 200-day moving average price is $5.17. The company has a market capitalization of $679.80 million, a P/E ratio of 20.43, a P/E/G ratio of 0.52 and a beta of 1.62. Shoals Technologies Group has a 52-week low of $3.73 and a 52-week high of $16.19.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $102.16 million. During the same quarter in the previous year, the firm posted $0.12 EPS. Shoals Technologies Group’s revenue was down 17.9% on a year-over-year basis. Equities research analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds have recently added to or reduced their stakes in SHLS. FMR LLC boosted its stake in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after buying an additional 1,906 shares during the last quarter. Empirical Asset Management LLC bought a new stake in Shoals Technologies Group in the 4th quarter worth approximately $59,000. TrinityPoint Wealth LLC bought a new stake in shares of Shoals Technologies Group in the 3rd quarter worth about $60,000. American Trust bought a new position in shares of Shoals Technologies Group during the 4th quarter valued at approximately $72,000. Finally, 49 Wealth Management LLC purchased a new position in Shoals Technologies Group during the 4th quarter valued at $74,000.

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.