Shoals Technologies Group (NASDAQ:SHLS) Reaches New 12-Month Low Following Analyst Downgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares reached a new 52-week low during mid-day trading on Friday after Morgan Stanley lowered their price target on the stock from $8.00 to $7.00. Morgan Stanley currently has an equal weight rating on the stock. Shoals Technologies Group traded as low as $4.57 and last traded at $4.59, with a volume of 4123836 shares. The stock had previously closed at $5.22.

Several other research analysts have also issued reports on SHLS. JPMorgan Chase & Co. decreased their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Roth Capital downgraded shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $11.00 price target on shares of Shoals Technologies Group in a research report on Friday, September 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Finally, Oppenheimer lowered their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $11.92.

Institutional Trading of Shoals Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHLS. Price T Rowe Associates Inc. MD raised its holdings in Shoals Technologies Group by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock worth $2,068,000 after purchasing an additional 1,857 shares during the period. FMR LLC raised its stake in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after buying an additional 1,906 shares during the period. ProShare Advisors LLC lifted its position in shares of Shoals Technologies Group by 6.3% during the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock valued at $459,000 after buying an additional 2,427 shares in the last quarter. Van ECK Associates Corp grew its stake in Shoals Technologies Group by 1.9% in the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after acquiring an additional 2,517 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in Shoals Technologies Group by 3.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after acquiring an additional 3,699 shares in the last quarter.

Shoals Technologies Group Price Performance

The company has a quick ratio of 1.50, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $759.91 million, a price-to-earnings ratio of 22.80, a PEG ratio of 0.73 and a beta of 1.73. The stock’s 50-day simple moving average is $5.54 and its two-hundred day simple moving average is $6.21.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The firm’s revenue for the quarter was down 23.8% compared to the same quarter last year. Equities research analysts predict that Shoals Technologies Group, Inc. will post 0.28 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.