Shoals Technologies Group (NASDAQ:SHLS) Downgraded to Sell at Citigroup

Citigroup lowered shares of Shoals Technologies Group (NASDAQ:SHLS) from a buy rating to a sell rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have $5.00 price objective on the stock, down from their prior price objective of $15.00.

Other research analysts also recently issued reports about the stock. Roth Capital downgraded shares of Shoals Technologies Group from a buy rating to a neutral rating in a research note on Tuesday, May 7th. Northland Capmk downgraded shares of Shoals Technologies Group from a hold rating to a strong sell rating in a research note on Wednesday, May 8th. Piper Sandler decreased their target price on shares of Shoals Technologies Group from $14.00 to $11.00 and set an overweight rating on the stock in a research note on Wednesday, May 8th. Cantor Fitzgerald reduced their price objective on shares of Shoals Technologies Group from $24.00 to $14.00 and set an overweight rating on the stock in a research report on Wednesday, May 8th. Finally, TD Cowen reduced their price objective on shares of Shoals Technologies Group from $15.00 to $11.00 and set a buy rating on the stock in a research report on Wednesday, May 8th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $16.06.

Shoals Technologies Group Trading Down 1.8 %

Shares of Shoals Technologies Group stock opened at $6.00 on Tuesday. The firm has a market cap of $1.02 billion, a PE ratio of 33.33 and a beta of 1.76. Shoals Technologies Group has a 1 year low of $5.69 and a 1 year high of $28.34. The company has a 50 day simple moving average of $7.34 and a two-hundred day simple moving average of $11.15. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.62 and a quick ratio of 1.87.

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

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds have recently bought and sold shares of SHLS. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Shoals Technologies Group during the 4th quarter valued at about $33,000. Headlands Technologies LLC purchased a new stake in Shoals Technologies Group in the 1st quarter worth approximately $92,000. iA Global Asset Management Inc. purchased a new stake in Shoals Technologies Group in the 3rd quarter worth approximately $102,000. Paloma Partners Management Co purchased a new stake in Shoals Technologies Group in the 1st quarter worth approximately $115,000. Finally, Harbour Capital Advisors LLC purchased a new stake in Shoals Technologies Group in the 1st quarter worth approximately $138,000.

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.