Shoals Technologies Group (NASDAQ:SHLS) Downgraded to Sell at Citigroup

Citigroup lowered shares of Shoals Technologies Group (NASDAQ:SHLS) from a buy rating to a sell rating in a research report released on Tuesday morning, Marketbeat Ratings reports. They currently have $5.00 target price on the stock, down from their prior target price of $15.00.

A number of other brokerages have also recently issued reports on SHLS. Barclays lowered their price objective on Shoals Technologies Group from $13.00 to $12.00 and set an equal weight rating on the stock in a research note on Thursday, May 9th. Northland Securities restated an underperform rating and issued a $6.00 price objective (down from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday, May 8th. Mizuho lowered their price objective on Shoals Technologies Group from $16.00 to $13.00 and set a buy rating on the stock in a research note on Wednesday, May 8th. Northland Capmk cut Shoals Technologies Group from a hold rating to a strong sell rating in a research note on Wednesday, May 8th. Finally, Roth Mkm cut Shoals Technologies Group from a buy rating to a neutral rating and lowered their price objective for the company from $15.00 to $8.00 in a research note on Wednesday, May 8th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Shoals Technologies Group presently has a consensus rating of Hold and an average price target of $16.06.

Shoals Technologies Group Price Performance

SHLS opened at $6.03 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.62 and a quick ratio of 1.87. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 33.50 and a beta of 1.76. The firm’s fifty day moving average price is $7.25 and its two-hundred day moving average price is $11.08. Shoals Technologies Group has a 1 year low of $5.69 and a 1 year high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, May 7th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $90.81 million for the quarter, compared to analysts’ expectations of $94.44 million. Shoals Technologies Group had a return on equity of 13.95% and a net margin of 6.42%. As a group, analysts anticipate that Shoals Technologies Group will post 0.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. William Blair Investment Management LLC boosted its stake in Shoals Technologies Group by 71.6% in the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after buying an additional 4,263,964 shares in the last quarter. Joho Capital LLC boosted its stake in Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after buying an additional 3,387,539 shares in the last quarter. Wellington Management Group LLP boosted its stake in Shoals Technologies Group by 28.5% in the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after buying an additional 2,864,879 shares in the last quarter. Swedbank AB purchased a new stake in Shoals Technologies Group in the first quarter worth approximately $25,268,000. Finally, Norges Bank purchased a new stake in Shoals Technologies Group in the fourth quarter worth approximately $31,416,000.

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.