Shoals Technologies Group (NASDAQ:SHLS) Reaches New 1-Year Low Following Analyst Downgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price reached a new 52-week low during mid-day trading on Friday after Morgan Stanley lowered their price target on the stock from $8.00 to $7.00. Morgan Stanley currently has an equal weight rating on the stock. Shoals Technologies Group traded as low as $4.57 and last traded at $4.59, with a volume of 4123836 shares changing hands. The stock had previously closed at $5.22.

Several other research analysts have also recently issued reports on the company. UBS Group dropped their price objective on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Truist Financial dropped their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Piper Sandler lifted their price objective on Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Barclays dropped their target price on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. reduced their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and a consensus price target of $11.92.

Institutional Trading of Shoals Technologies Group

Institutional investors have recently made changes to their positions in the business. FMR LLC increased its position in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Shoals Technologies Group during the second quarter valued at about $54,000. TrinityPoint Wealth LLC purchased a new position in shares of Shoals Technologies Group in the 3rd quarter valued at approximately $60,000. Mackenzie Financial Corp acquired a new stake in Shoals Technologies Group in the 2nd quarter worth approximately $64,000. Finally, American Trust acquired a new stake in Shoals Technologies Group in the 2nd quarter worth approximately $68,000.

Shoals Technologies Group Stock Performance

The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26. The company has a market cap of $759.91 million, a PE ratio of 22.80, a P/E/G ratio of 0.73 and a beta of 1.73. The firm’s 50-day simple moving average is $5.54 and its two-hundred day simple moving average is $6.19.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same period last year, the firm earned $0.16 earnings per share. Shoals Technologies Group’s quarterly revenue was down 23.8% compared to the same quarter last year. As a group, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.28 earnings per share for the current fiscal year.

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.