Shoals Technologies Group (NASDAQ:SHLS) Trading Down 2%

Shoals Technologies Group, Inc. (NASDAQ:SHLS) dropped 2% during trading on Thursday . The stock traded as low as $11.45 and last traded at $11.52. Approximately 317,044 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 3,627,496 shares. The stock had previously closed at $11.76.

Wall Street Analyst Weigh In

SHLS has been the subject of several recent analyst reports. TD Cowen reduced their price objective on shares of Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Barclays reduced their price objective on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 5th. UBS Group dropped their target price on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a report on Friday, March 1st. The Goldman Sachs Group dropped their target price on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a report on Friday, March 1st. Finally, Truist Financial restated a “buy” rating and set a $20.00 target price (down from $23.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.18.

Shoals Technologies Group Stock Down 4.9 %

The firm has a market capitalization of $1.90 billion, a PE ratio of 44.24 and a beta of 1.82. The firm’s 50 day moving average price is $13.81 and its two-hundred day moving average price is $15.13. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.04). The firm had revenue of $130.44 million during the quarter, compared to analysts’ expectations of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. As a group, research analysts forecast that Shoals Technologies Group, Inc. will post 0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in Shoals Technologies Group by 38.0% during the 3rd quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock valued at $183,329,000 after acquiring an additional 2,764,566 shares during the last quarter. US Bancorp DE increased its holdings in shares of Shoals Technologies Group by 388.3% in the 2nd quarter. US Bancorp DE now owns 13,691 shares of the company’s stock worth $350,000 after acquiring an additional 10,887 shares during the period. BlackRock Inc. increased its holdings in shares of Shoals Technologies Group by 17.5% in the 2nd quarter. BlackRock Inc. now owns 19,146,223 shares of the company’s stock worth $489,377,000 after acquiring an additional 2,858,043 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Shoals Technologies Group in the 2nd quarter worth about $368,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Shoals Technologies Group by 28.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after acquiring an additional 1,402,419 shares during the period.

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.