Shoals Technologies Group (NASDAQ:SHLS) Sets New 12-Month Low on Analyst Downgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares hit a new 52-week low during 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. The stock had previously closed at $5.22.

Several other equities analysts have also issued reports on SHLS. Piper Sandler upped their target price on Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Jefferies Financial Group assumed coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 target price for the company. Wells Fargo & Company began coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target on the stock. Barclays lowered their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, UBS Group reduced their target price on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $11.92.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP purchased a new stake in Shoals Technologies Group during the first quarter worth $217,000. Headlands Technologies LLC purchased a new stake in shares of Shoals Technologies Group during the first quarter valued at about $92,000. ProShare Advisors LLC boosted its holdings in shares of Shoals Technologies Group by 6.3% in the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock valued at $459,000 after buying an additional 2,427 shares in the last quarter. Blair William & Co. IL grew its position in shares of Shoals Technologies Group by 81.9% in the 1st quarter. Blair William & Co. IL now owns 37,909 shares of the company’s stock worth $424,000 after buying an additional 17,064 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Shoals Technologies Group by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after buying an additional 171,273 shares during the last quarter.

Shoals Technologies Group Stock Performance

The firm’s 50 day moving average is $5.56 and its 200 day moving average is $6.24. The stock has a market cap of $764.91 million, a P/E ratio of 24.00, a price-to-earnings-growth ratio of 0.73 and a beta of 1.73. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.50 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS 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 business had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter last year, the business posted $0.16 earnings per share. The company’s quarterly revenue was down 23.8% compared to the same quarter last year. Analysts anticipate that Shoals Technologies Group, Inc. will post 0.28 EPS for the current 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.