Shoals Technologies Group (NASDAQ:SHLS) Hits New 1-Year Low at $5.69

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $5.69 and last traded at $5.71, with a volume of 2741139 shares. The stock had previously closed at $6.23.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SHLS shares. Mizuho lowered their target price on shares of Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Roth Mkm cut Shoals Technologies Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $15.00 to $8.00 in a research note on Wednesday, May 8th. Northland Securities reissued an “underperform” rating and issued a $6.00 price target (down from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday, May 8th. Roth Capital lowered shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 7th. Finally, Piper Sandler cut their target price on shares of Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 8th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Hold” and an average price target of $15.06.

Shoals Technologies Group Stock Performance

The firm has a fifty day moving average price of $6.77 and a 200 day moving average price of $9.90. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.87 and a current ratio of 2.62. The stock has a market cap of $988.44 million, a PE ratio of 32.17 and a beta of 1.76.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capstone Investment Advisors LLC raised its holdings in shares of Shoals Technologies Group by 1.7% during the 4th quarter. Capstone Investment Advisors LLC now owns 75,000 shares of the company’s stock worth $1,166,000 after acquiring an additional 1,237 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Shoals Technologies Group by 14.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock valued at $181,000 after buying an additional 1,429 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock worth $2,068,000 after buying an additional 1,857 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Shoals Technologies Group by 10.6% during the 4th quarter. Principal Financial Group Inc. now owns 19,839 shares of the company’s stock valued at $308,000 after buying an additional 1,898 shares during the period. Finally, Commerce Bank lifted its holdings in Shoals Technologies Group by 12.8% in the fourth quarter. Commerce Bank now owns 18,038 shares of the company’s stock valued at $280,000 after acquiring an additional 2,045 shares during the last quarter.

Shoals Technologies Group Company Profile

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.