Shoals Technologies Group (NASDAQ:SHLS) Downgraded by Roth Mkm to “Neutral”

Roth Mkm lowered shares of Shoals Technologies Group (NASDAQ:SHLS) from a buy rating to a neutral rating in a report published on Wednesday morning, MarketBeat Ratings reports. Roth Mkm currently has $8.00 target price on the stock, down from their prior target price of $15.00.

Several other equities analysts have also recently issued reports on SHLS. Truist Financial reaffirmed a buy rating and set a $20.00 price objective (down from $23.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Barclays lowered their price objective on shares of Shoals Technologies Group from $15.00 to $13.00 and set an equal weight rating on the stock 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. Janney Montgomery Scott assumed coverage on shares of Shoals Technologies Group in a report on Friday, January 19th. They issued a buy rating and a $20.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Shoals Technologies Group from $32.00 to $26.00 and set an overweight rating for the company in a research note on Thursday, February 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $18.06.

Shoals Technologies Group Stock Down 14.7 %

SHLS stock opened at $7.51 on Wednesday. Shoals Technologies Group has a one year low of $7.27 and a one year high of $28.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. The company has a fifty day moving average of $10.50 and a 200-day moving average of $13.25. The stock has a market capitalization of $1.28 billion, a PE ratio of 30.04 and a beta of 1.86.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Shoals Technologies Group by 30.1% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company’s stock valued at $57,050,000 after purchasing an additional 1,179,834 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its position in shares of Shoals Technologies Group by 9.9% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 220,181 shares of the company’s stock valued at $2,462,000 after purchasing an additional 19,879 shares in the last quarter. William Blair Investment Management LLC boosted its stake in shares of Shoals Technologies Group by 71.6% during the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after buying an additional 4,263,964 shares during the last quarter. ProShare Advisors LLC boosted its stake 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 during the last quarter. Finally, Qsemble Capital Management LP grew its position in shares of Shoals Technologies Group by 59.7% during the first quarter. Qsemble Capital Management LP now owns 58,113 shares of the company’s stock worth $650,000 after buying an additional 21,729 shares in the last quarter.

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.