Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down on Analyst Downgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped down before the market opened on Friday after Roth Mkm lowered their price target on the stock from $7.00 to $6.00. The stock had previously closed at $5.48, but opened at $5.36. Roth Mkm currently has a neutral rating on the stock. Shoals Technologies Group shares last traded at $5.51, with a volume of 263,620 shares trading hands.

SHLS has been the subject of a number of other research reports. Jefferies Financial Group started coverage on Shoals Technologies Group in a research note on Wednesday. They set a “hold” rating and a $5.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Truist Financial lowered their price objective on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday. Piper Sandler decreased their price target on Shoals Technologies Group from $11.00 to $8.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $11.00 price target on shares of Shoals Technologies Group in a research note on Friday. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and a consensus target price of $11.06.

Institutional Trading of Shoals Technologies Group

Several hedge funds have recently bought and sold shares of SHLS. Russell Investments Group Ltd. grew its holdings in Shoals Technologies Group by 57,193.0% during the fourth quarter. Russell Investments Group Ltd. now owns 89,950 shares of the company’s stock valued at $1,398,000 after purchasing an additional 89,793 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Shoals Technologies Group by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,365,057 shares of the company’s stock worth $21,213,000 after buying an additional 20,727 shares in the last quarter. Qsemble Capital Management LP purchased a new stake in shares of Shoals Technologies Group in the fourth quarter worth about $565,000. Principal Financial Group Inc. lifted its position in shares of Shoals Technologies Group by 10.6% in the fourth quarter. Principal Financial Group Inc. now owns 19,839 shares of the company’s stock worth $308,000 after buying an additional 1,898 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Shoals Technologies Group by 23.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 33,654 shares of the company’s stock worth $494,000 after buying an additional 6,496 shares in the last quarter.

Shoals Technologies Group Stock Up 3.1 %

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The business has a 50-day moving average of $5.92 and a 200 day moving average of $8.25. The company has a market capitalization of $962.87 million, a PE ratio of 31.39, a P/E/G ratio of 0.73 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. During the same period in the prior year, the business posted $0.12 earnings per share. The company’s quarterly revenue was down 16.7% compared to the same quarter last year. Equities research analysts predict that Shoals Technologies Group, Inc. will post 0.31 earnings per share for the current year.

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.