Shoals Technologies Group (NASDAQ:SHLS) Lowered to Neutral at Roth Capital

Roth Capital lowered shares of Shoals Technologies Group (NASDAQ:SHLS) from a buy rating to a neutral rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

SHLS has been the subject of several other research reports. Janney Montgomery Scott assumed coverage on shares of Shoals Technologies Group in a research note on Friday, January 19th. They issued a buy rating and a $20.00 target price for the company. Mizuho lowered their price objective on shares of Shoals Technologies Group from $16.00 to $13.00 and set a buy rating for the company in a research report on Wednesday. Roth Mkm lowered Shoals Technologies Group from a buy rating to a neutral rating and reduced their target price for the stock from $15.00 to $8.00 in a report on Wednesday. Royal Bank of Canada decreased their target price on Shoals Technologies Group from $20.00 to $17.00 and set an outperform rating for the company in a research note on Thursday, February 29th. Finally, TD Cowen dropped their price target on Shoals Technologies Group from $15.00 to $11.00 and set a buy rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $18.06.

Shoals Technologies Group Stock Down 14.7 %

NASDAQ:SHLS opened at $7.51 on Tuesday. 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 has a 12-month low of $7.27 and a 12-month high of $28.34. The stock’s fifty day simple moving average is $10.66 and its 200-day simple moving average is $13.29. The firm has a market capitalization of $1.28 billion, a P/E ratio of 30.04 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS) last released its 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). The company had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. Equities research analysts expect that Shoals Technologies Group will post 0.5 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. increased its position in shares of Shoals Technologies Group by 92.7% during the 3rd quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock worth $29,000 after purchasing an additional 765 shares during the last quarter. ANTIPODES PARTNERS Ltd bought a new position in shares of Shoals Technologies Group in the fourth quarter valued at $33,000. Headlands Technologies LLC increased its holdings in Shoals Technologies Group by 101.4% during the third quarter. Headlands Technologies LLC now owns 4,459 shares of the company’s stock worth $81,000 after buying an additional 2,245 shares during the last quarter. Trium Capital LLP bought a new stake in Shoals Technologies Group during the third quarter worth $93,000. Finally, iA Global Asset Management Inc. bought a new stake in Shoals Technologies Group during the third quarter worth $102,000.

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.