Shoals Technologies Group (NASDAQ:SHLS) Hits New 1-Year Low at $6.07

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $6.07 and last traded at $6.14, with a volume of 1273468 shares trading hands. The stock had previously closed at $6.24.

Analysts Set New Price Targets

SHLS has been the topic of several recent analyst reports. Cantor Fitzgerald dropped their target price on Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, May 8th. Northland Capmk lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 8th. Piper Sandler dropped their price objective on Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating on the stock in a report on Wednesday, May 8th. Northland Securities reaffirmed an “underperform” rating and set a $6.00 price objective (down previously from $12.00) on shares of Shoals Technologies Group in a report on Wednesday, May 8th. Finally, Mizuho dropped their price objective on Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group currently has an average rating of “Moderate Buy” and a consensus target price of $17.29.

Shoals Technologies Group Stock Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 2.62 and a quick ratio of 1.87. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 34.67 and a beta of 1.76. The stock’s 50-day moving average is $7.44 and its 200 day moving average is $11.28.

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

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its stake in shares of Shoals Technologies Group by 38.0% during the 3rd 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 in the last quarter. Clearbridge Investments LLC grew its stake in Shoals Technologies Group by 2.7% in the 4th quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after acquiring an additional 233,377 shares during the period. Eagle Asset Management Inc. grew its stake in Shoals Technologies Group by 423.6% in the 4th quarter. Eagle Asset Management Inc. now owns 1,185,118 shares of the company’s stock worth $18,417,000 after acquiring an additional 958,793 shares during the period. Handelsbanken Fonder AB grew its stake in Shoals Technologies Group by 301.5% in the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after acquiring an additional 1,894,560 shares during the period. Finally, First Trust Advisors LP grew its stake in 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 worth $33,854,000 after acquiring an additional 538,908 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.