Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 4.2%

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) were down 4.2% during mid-day trading on Wednesday . The stock traded as low as $6.19 and last traded at $6.19. Approximately 1,068,254 shares changed hands during trading, a decline of 79% from the average daily volume of 5,025,238 shares. The stock had previously closed at $6.46.

Analysts Set New Price Targets

A number of research firms have recently commented on SHLS. Barclays dropped their target price on Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday. UBS Group dropped 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 note on Wednesday, August 7th. Citigroup cut shares of Shoals Technologies Group from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $15.00 to $5.00 in a research report on Tuesday, July 2nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 target price on shares of Shoals Technologies Group in a research report on Friday, September 6th. Four equities research 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 data from MarketBeat.com, Shoals Technologies Group presently has a consensus rating of “Hold” and a consensus target price of $11.06.

Shoals Technologies Group Stock Down 0.2 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. The business has a 50 day simple moving average of $5.95 and a 200-day simple moving average of $7.74. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of 34.83, a P/E/G ratio of 0.91 and a beta of 1.74.

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

Institutional Trading of Shoals Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of SHLS. William Blair Investment Management LLC boosted its stake in Shoals Technologies Group by 71.6% during the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after buying an additional 4,263,964 shares during the period. Joho Capital LLC boosted its position in shares of Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after purchasing an additional 3,387,539 shares during the period. Wellington Management Group LLP increased its holdings in Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after purchasing an additional 2,864,879 shares during the last quarter. Millennium Management LLC lifted its stake in Shoals Technologies Group by 262.8% during the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after purchasing an additional 2,442,227 shares in the last quarter. Finally, Swedbank AB purchased a new position in shares of Shoals Technologies Group during the first quarter worth $25,268,000.

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.