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

Shoals Technologies Group (NASDAQ:SHLS - Free Report) had its target price decreased by Piper Sandler from $8.00 to $6.00 in a research report sent to investors on Wednesday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other equities analysts have also commented on SHLS. JPMorgan Chase & Co. decreased their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating for the company in a research note on Thursday, January 23rd. Wolfe Research assumed coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They issued a "peer perform" rating for the company. Morgan Stanley raised shares of Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price objective for the company in a research note on Tuesday, December 17th. Roth Mkm decreased their price objective on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating for the company in a research note on Wednesday. Finally, Barclays decreased their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating for the company in a research note on Friday, January 17th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $8.95.

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Shoals Technologies Group Price Performance

NASDAQ:SHLS traded down $0.45 during trading hours on Wednesday, reaching $3.03. 14,159,211 shares of the company's stock were exchanged, compared to its average volume of 6,855,297. The company has a market capitalization of $505.10 million, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 0.52 and a beta of 1.62. Shoals Technologies Group has a 12 month low of $2.91 and a 12 month high of $13.82. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The business's 50-day simple moving average is $4.83 and its two-hundred day simple moving average is $5.13.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its 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). The business had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company's quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.12 earnings per share. Sell-side analysts expect that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SHLS. FMR LLC raised its holdings in 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 acquiring an additional 1,906 shares during the period. Van ECK Associates Corp boosted its position in shares of Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company's stock valued at $739,000 after acquiring an additional 2,517 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Shoals Technologies Group by 20.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock valued at $86,000 after purchasing an additional 2,652 shares during the last quarter. Maven Securities LTD lifted its holdings in Shoals Technologies Group by 11.1% during the 4th quarter. Maven Securities LTD now owns 50,000 shares of the company's stock valued at $276,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Shoals Technologies Group by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company's stock valued at $1,653,000 after purchasing an additional 6,503 shares during the last quarter.

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.