Shoals Technologies Group (NASDAQ:SHLS) Trading Down 3.2%

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) fell 3.2% on Friday . The stock traded as low as $6.26 and last traded at $6.27. 590,366 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 4,696,174 shares. The stock had previously closed at $6.48.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Northland Capmk lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 8th. TD Cowen lowered their price target on shares of Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Cantor Fitzgerald dropped their price objective on shares of Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 8th. Truist Financial reissued a “buy” rating and issued a $20.00 price objective (down previously from $23.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Finally, Northland Securities reaffirmed an “underperform” rating and set a $6.00 target price (down previously from $12.00) on shares of Shoals Technologies Group in a research report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.29.

Shoals Technologies Group Stock Down 3.7 %

The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.06 billion, a PE ratio of 34.17 and a beta of 1.81. The company’s 50-day moving average is $7.48 and its 200 day moving average is $11.38.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $90.81 million during the quarter, compared to analysts’ expectations of $94.44 million. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. As a group, analysts anticipate that Shoals Technologies Group, Inc. will post 0.44 EPS for the current year.

Institutional Trading of Shoals Technologies Group

Several large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of Shoals Technologies Group by 38.0% during the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock worth $183,329,000 after purchasing an additional 2,764,566 shares during the period. Clearbridge Investments LLC raised its position in Shoals Technologies Group by 2.7% during the 4th quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after buying an additional 233,377 shares during the last quarter. Eagle Asset Management Inc. raised its position in Shoals Technologies Group by 423.6% during the 4th quarter. Eagle Asset Management Inc. now owns 1,185,118 shares of the company’s stock worth $18,417,000 after buying an additional 958,793 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock valued at $39,206,000 after acquiring an additional 1,894,560 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of Shoals Technologies Group by 32.9% in the 4th quarter. First Trust Advisors LP now owns 2,178,531 shares of the company’s stock valued at $33,854,000 after acquiring an additional 538,908 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.