Shoals Technologies Group (NASDAQ:SHLS) Hits New 52-Week Low – Time to Sell?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $3.74 and last traded at $3.99, with a volume of 214444 shares trading hands. The stock had previously closed at $4.48.

Analyst Upgrades and Downgrades

SHLS has been the topic of several recent research reports. Wolfe Research assumed coverage on Shoals Technologies Group in a research report on Tuesday, February 18th. They issued a “peer perform” rating on the stock. Bank of America assumed coverage on Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 price target for the company. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a research report on Tuesday, December 17th. Mizuho dropped their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Finally, The Goldman Sachs Group reduced their price target on shares of Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.48.

Shoals Technologies Group Price Performance

The stock has a market capitalization of $709.30 million, a price-to-earnings ratio of 21.23, a price-to-earnings-growth ratio of 0.52 and a beta of 1.62. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is $4.92 and its 200 day moving average is $5.18.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. FMR LLC lifted its holdings in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares during the period. Empirical Asset Management LLC purchased a new position in Shoals Technologies Group during the fourth quarter worth $59,000. TrinityPoint Wealth LLC purchased a new position in Shoals Technologies Group in the 3rd quarter valued at about $60,000. American Trust acquired a new stake in Shoals Technologies Group during the fourth quarter worth approximately $72,000. Finally, 49 Wealth Management LLC acquired a new position in Shoals Technologies Group in the fourth quarter valued at $74,000.

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.