Shoals Technologies Group (NASDAQ:SHLS) Shares Down 4.5%

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price traded down 4.5% on Monday . The company traded as low as $8.74 and last traded at $8.76. Approximately 680,253 shares were traded during trading, a decline of 82% from the average daily volume of 3,784,520 shares. The stock had previously closed at $9.17.

Analyst Upgrades and Downgrades

SHLS has been the topic of several research reports. Royal Bank of Canada lowered their price target on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Barclays lowered their target price on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 5th. Piper Sandler cut their price target on Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. JPMorgan Chase & Co. reduced their price target on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, February 29th. Finally, Oppenheimer dropped their price objective on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Shoals Technologies Group presently has an average rating of “Moderate Buy” and a consensus target price of $21.06.

Shoals Technologies Group Stock Down 4.2 %

The company has a fifty day moving average price of $12.83 and a 200 day moving average price of $14.08. The company has a market cap of $1.42 billion, a PE ratio of 33.40 and a beta of 1.79. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The firm had revenue of $130.44 million for 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, analysts anticipate that Shoals Technologies Group, Inc. will post 0.51 EPS for the current year.

Institutional Trading of Shoals Technologies Group

Several hedge funds have recently added to or reduced their stakes in SHLS. Raymond James & Associates increased its holdings in shares of Shoals Technologies Group by 1.1% in the first quarter. Raymond James & Associates now owns 90,966 shares of the company’s stock worth $1,550,000 after buying an additional 1,034 shares during the period. Bank of New York Mellon Corp grew its position in Shoals Technologies Group by 2.7% during the 1st quarter. Bank of New York Mellon Corp now owns 341,154 shares of the company’s stock worth $5,813,000 after acquiring an additional 9,067 shares during the last quarter. US Bancorp DE increased its stake in Shoals Technologies Group by 700.2% in the 1st quarter. US Bancorp DE now owns 6,450 shares of the company’s stock worth $110,000 after purchasing an additional 5,644 shares during the period. Bank of Montreal Can lifted its position in Shoals Technologies Group by 41.1% in the first quarter. Bank of Montreal Can now owns 33,244 shares of the company’s stock valued at $597,000 after purchasing an additional 9,691 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of Shoals Technologies Group during the first quarter valued at approximately $36,000.

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.