Shoals Technologies Group (NASDAQ:SHLS) Shares Down 7.5% – Here’s What Happened

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) fell 7.5% on Tuesday . The stock traded as low as $5.17 and last traded at $5.34. 922,829 shares were traded during mid-day trading, a decline of 81% from the average session volume of 4,909,440 shares. The stock had previously closed at $5.77.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SHLS. Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Northland Securities decreased their target price on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. Cantor Fitzgerald restated an “overweight” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. UBS Group reduced their price objective on 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. Finally, Roth Mkm reduced their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group currently has a consensus rating of “Hold” and an average price target of $12.55.

Shoals Technologies Group Trading Down 15.9 %

The firm’s 50-day simple moving average is $5.62 and its 200-day simple moving average is $6.28. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $808.23 million, a PE ratio of 34.57, a price-to-earnings-growth ratio of 0.84 and a beta of 1.73.

Institutional Investors Weigh In On Shoals Technologies Group

Large investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC purchased a new stake in Shoals Technologies Group in the 3rd quarter worth $255,000. SCP Investment LP increased its holdings in shares of Shoals Technologies Group by 208.3% in the 3rd quarter. SCP Investment LP now owns 88,800 shares of the company’s stock worth $498,000 after buying an additional 60,000 shares during the last quarter. Corbyn Investment Management Inc. MD increased its holdings in shares of Shoals Technologies Group by 7.6% in the 3rd quarter. Corbyn Investment Management Inc. MD now owns 155,778 shares of the company’s stock worth $874,000 after buying an additional 10,975 shares during the last quarter. TrinityPoint Wealth LLC bought a new position in Shoals Technologies Group during the 3rd quarter valued at about $60,000. Finally, Impax Asset Management Group plc grew its holdings in Shoals Technologies Group by 19.4% during the 3rd quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company’s stock valued at $8,602,000 after purchasing an additional 249,582 shares during the last quarter.

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.