Shoals Technologies Group (NASDAQ:SHLS) Downgraded by Roth Capital to “Neutral”

Shoals Technologies Group (NASDAQ:SHLS) was downgraded by Roth Capital from a “buy” rating to a “neutral” rating in a research report issued on Tuesday, Zacks.com reports.

Several other research analysts have also recently weighed in on SHLS. Northland Securities reissued an “underperform” rating and set a $6.00 price objective (down from $12.00) on shares of Shoals Technologies Group in a report on Wednesday. Truist Financial reaffirmed a “buy” rating and set a $20.00 target price (down from $23.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. UBS Group cut their price target on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a report on Friday, March 1st. Finally, The Goldman Sachs Group decreased their price objective on Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group presently has an average rating of “Moderate Buy” and an average target price of $18.06.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $7.51 on Tuesday. Shoals Technologies Group has a twelve month low of $7.27 and a twelve month high of $28.34. The company has a market capitalization of $1.28 billion, a P/E ratio of 30.04 and a beta of 1.86. The firm has a 50 day moving average of $10.66 and a 200 day moving average of $13.29. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The business had revenue of $130.44 million during the quarter, compared to analysts’ expectations of $131.89 million. As a group, equities research analysts anticipate that Shoals Technologies Group will post 0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. increased its position in Shoals Technologies Group by 47.2% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 24,479 shares of the company’s stock valued at $447,000 after acquiring an additional 7,854 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in Shoals Technologies Group by 64.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 93,235 shares of the company’s stock worth $1,702,000 after purchasing an additional 36,567 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Shoals Technologies Group by 0.8% during the third quarter. Bank of New York Mellon Corp now owns 607,444 shares of the company’s stock valued at $11,086,000 after buying an additional 5,059 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Shoals Technologies Group by 56.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,697 shares of the company’s stock valued at $688,000 after buying an additional 13,608 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Shoals Technologies Group by 20.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 226,713 shares of the company’s stock worth $4,138,000 after buying an additional 38,879 shares during the period.

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.