Shoals Technologies Group (NASDAQ:SHLS) Trading Down 3.2%

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price fell 3.2% during mid-day trading on Friday . The company traded as low as $6.26 and last traded at $6.27. 590,366 shares changed hands during trading, a decline of 87% from the average session volume of 4,696,174 shares. The stock had previously closed at $6.48.

Analysts Set New Price Targets

Several brokerages have commented on SHLS. Barclays cut their target price on Shoals Technologies Group from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Thursday, May 9th. Northland Capmk lowered shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. lowered their price target on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, February 29th. Royal Bank of Canada cut their price objective on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Finally, The Goldman Sachs Group lowered their target price on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.29.

Shoals Technologies Group Price Performance

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 business has a 50 day moving average of $7.48 and a 200 day moving average of $11.38. The company has a market cap of $1.06 billion, a PE ratio of 34.17 and a beta of 1.81.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers boosted its position in shares of Shoals Technologies Group by 2.7% during the third quarter. Rhumbline Advisers now owns 289,354 shares of the company’s stock valued at $5,281,000 after purchasing an additional 7,595 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Shoals Technologies Group by 49.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock valued at $186,000 after buying an additional 3,394 shares in the last quarter. FMR LLC grew its position in shares of Shoals Technologies Group by 97.4% in the 3rd quarter. FMR LLC now owns 1,973,610 shares of the company’s stock worth $36,018,000 after buying an additional 974,058 shares during the period. Trexquant Investment LP purchased a new stake in shares of Shoals Technologies Group in the 3rd quarter worth about $2,524,000. Finally, Stansberry Asset Management LLC increased its stake in shares of Shoals Technologies Group by 15.5% in the 3rd quarter. Stansberry Asset Management LLC now owns 130,387 shares of the company’s stock worth $2,380,000 after acquiring an additional 17,462 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.