Shoals Technologies Group (NASDAQ:SHLS) Trading Down 3.9%

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares fell 3.9% on Wednesday . The stock traded as low as $5.20 and last traded at $5.23. 500,325 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 4,991,948 shares. The stock had previously closed at $5.44.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. UBS Group reduced their price target on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Truist Financial reduced their target price on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Roth Mkm cut their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. BNP Paribas downgraded shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. Finally, Piper Sandler upped their price objective on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $11.06.

Shoals Technologies Group Stock Down 5.3 %

The firm’s 50 day simple moving average is $5.81 and its 200-day simple moving average is $7.29. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $858.25 million, a price-to-earnings ratio of 30.22, a price-to-earnings-growth ratio of 0.84 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The firm had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business’s quarterly revenue was down 16.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.12 earnings per share. Equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. ANTIPODES PARTNERS Ltd grew its holdings in Shoals Technologies Group by 122.4% during the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock worth $54,000 after purchasing an additional 2,638 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Shoals Technologies Group during the 2nd quarter worth approximately $54,000. Mackenzie Financial Corp acquired a new position in shares of Shoals Technologies Group during the 2nd quarter worth approximately $64,000. American Trust bought a new stake in Shoals Technologies Group in the 2nd quarter valued at $68,000. Finally, Versor Investments LP acquired a new stake in Shoals Technologies Group during the 2nd quarter valued at $80,000.

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.