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

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on SHLS. Cantor Fitzgerald reduced their price target on shares of Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Northland Capmk lowered shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 8th. TD Cowen reduced 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 note on Wednesday, May 8th. Piper Sandler reduced their price target on shares of Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Finally, Roth Capital lowered shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.29.

Shoals Technologies Group Stock Performance

The firm has a 50 day moving average of $7.44 and a 200-day moving average of $11.28. The stock has a market capitalization of $1.04 billion, a PE ratio of 34.67 and a beta of 1.76. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.87 and a current ratio of 2.62.

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

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its position in Shoals Technologies Group by 49.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock worth $186,000 after purchasing an additional 3,394 shares during the last quarter. FMR LLC increased its position in Shoals Technologies Group by 97.4% in the 3rd quarter. FMR LLC now owns 1,973,610 shares of the company’s stock worth $36,018,000 after purchasing an additional 974,058 shares during the last quarter. Glenmede Trust Co. NA acquired a new position in Shoals Technologies Group in the 3rd quarter worth about $206,000. Alberta Investment Management Corp increased its position in Shoals Technologies Group by 20.0% in the 3rd quarter. Alberta Investment Management Corp now owns 152,202 shares of the company’s stock worth $2,778,000 after purchasing an additional 25,365 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in Shoals Technologies Group by 5.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 18,490 shares of the company’s stock worth $337,000 after purchasing an additional 929 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.