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

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLSGet Free Report) hit a new 52-week low 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 trading hands. The stock had previously closed at $5.22.

Other equities analysts have also recently issued reports about the company. Barclays reduced their price target on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Wednesday. UBS Group reduced their price target on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Wells Fargo & Company started coverage on Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target on the stock. Truist Financial decreased their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Finally, Roth Mkm dropped their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $11.92.

Read Our Latest Report on SHLS

Institutional Trading of Shoals Technologies Group

Large investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. boosted its position in Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after purchasing an additional 5,622,207 shares during the period. Erste Asset Management GmbH purchased a new position in shares of Shoals Technologies Group in the third quarter worth approximately $20,191,000. Joho Capital LLC increased its stake in Shoals Technologies Group by 111.6% in the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after buying an additional 3,387,539 shares during the period. Millennium Management LLC lifted its stake in Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after acquiring an additional 2,442,227 shares during the last quarter. Finally, Swedbank AB bought a new position in shares of Shoals Technologies Group during the 1st quarter worth about $25,268,000.

Shoals Technologies Group Stock 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 firm has a 50-day moving average of $5.56 and a 200 day moving average of $6.24. The stock has a market capitalization of $764.91 million, a P/E ratio of 24.00, a PEG ratio of 0.73 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLSGet Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter last year, the firm earned $0.16 EPS. The company’s revenue for the quarter was down 23.8% on a year-over-year basis. Research analysts anticipate that Shoals Technologies Group, Inc. will post 0.28 EPS for the current fiscal year.

About Shoals Technologies Group

(Get Free Report)

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.

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