Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 8.2% – Should You Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) dropped 8.2% on Tuesday . The company traded as low as $8.86 and last traded at $8.6170. Approximately 574,890 shares changed hands during trading, a decline of 91% from the average daily volume of 6,402,608 shares. The stock had previously closed at $9.39.

Wall Street Analysts Forecast Growth

SHLS has been the subject of a number of recent analyst reports. Mizuho downgraded Shoals Technologies Group from an “outperform” rating to a “neutral” rating and set a $7.00 price objective for the company. in a research report on Monday, July 14th. Barclays upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $7.00 to $10.00 in a research report on Thursday, October 2nd. UBS Group upped their price objective on shares of Shoals Technologies Group from $9.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. JPMorgan Chase & Co. lifted their target price on shares of Shoals Technologies Group from $9.00 to $11.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Shoals Technologies Group in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.81.

Shoals Technologies Group Stock Down 6.4%

The firm has a market cap of $1.47 billion, a PE ratio of 44.03, a PEG ratio of 1.13 and a beta of 1.69. The company has a current ratio of 2.19, a quick ratio of 1.53 and a debt-to-equity ratio of 0.21. The firm has a 50 day moving average price of $8.63 and a 200-day moving average price of $6.40.

Institutional Investors Weigh In On Shoals Technologies Group

A number of large investors have recently modified their holdings of SHLS. Vanguard Personalized Indexing Management LLC raised its position in Shoals Technologies Group by 14.1% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 16,616 shares of the company’s stock worth $123,000 after acquiring an additional 2,047 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Shoals Technologies Group by 13.0% during the second quarter. Canada Pension Plan Investment Board now owns 20,200 shares of the company’s stock worth $86,000 after buying an additional 2,316 shares in the last quarter. AE Wealth Management LLC increased its holdings in Shoals Technologies Group by 8.6% in the second quarter. AE Wealth Management LLC now owns 34,568 shares of the company’s stock valued at $147,000 after buying an additional 2,743 shares in the last quarter. Stratos Wealth Partners LTD. boosted its stake in shares of Shoals Technologies Group by 17.2% during the 1st quarter. Stratos Wealth Partners LTD. now owns 23,313 shares of the company’s stock worth $77,000 after acquiring an additional 3,415 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in Shoals Technologies Group by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 195,828 shares of the company’s stock valued at $832,000 after purchasing an additional 3,601 shares in 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.