Shoals Technologies Group (NASDAQ:SHLS) Trading Down 7.5% – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares dropped 7.5% on Tuesday . The company traded as low as $5.17 and last traded at $5.34. Approximately 922,829 shares traded hands during trading, a decline of 81% from the average daily volume of 4,909,440 shares. The stock had previously closed at $5.77.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. BNP Paribas downgraded shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. Wells Fargo & Company began coverage on Shoals Technologies Group in a research report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price target for the company. Northland Securities decreased their price objective on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. UBS Group reduced their price objective on 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. Finally, Roth Mkm dropped their target price on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.55.

Shoals Technologies Group Trading Down 15.9 %

The stock’s 50 day moving average is $5.62 and its 200-day moving average is $6.28. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The company has a market cap of $808.23 million, a PE ratio of 34.57, a P/E/G ratio of 0.84 and a beta of 1.73.

Institutional Trading of Shoals Technologies Group

A number of large investors have recently made changes to their positions in the company. 1620 Investment Advisors Inc. acquired a new stake in Shoals Technologies Group in the second quarter valued at $54,000. TrinityPoint Wealth LLC purchased a new stake in Shoals Technologies Group during the 3rd quarter worth approximately $60,000. Mackenzie Financial Corp purchased a new stake in Shoals Technologies Group during the 2nd quarter worth approximately $64,000. American Trust bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at approximately $68,000. Finally, Versor Investments LP bought a new position in Shoals Technologies Group during the 2nd quarter worth $80,000.

Shoals Technologies Group Company Profile

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.