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

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded down 3.2% on Thursday . The company traded as low as $6.23 and last traded at $6.29. 330,616 shares were traded during trading, a decline of 93% from the average session volume of 5,032,157 shares. The stock had previously closed at $6.50.

Analyst Ratings Changes

SHLS has been the subject of a number of research analyst reports. Oppenheimer lowered their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Barclays decreased their price objective on Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a report on Friday, September 6th. Roth Mkm decreased their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Finally, BNP Paribas downgraded Shoals Technologies Group from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Hold” and a consensus target price of $11.17.

Shoals Technologies Group Trading Down 2.0 %

The firm has a market cap of $1.06 billion, a PE ratio of 35.28, a PEG ratio of 0.93 and a beta of 1.74. The business has a 50-day moving average price of $5.94 and a two-hundred day moving average price of $7.95. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. During the same quarter last year, the business posted $0.12 earnings per share. The business’s revenue for the quarter was down 16.7% on a year-over-year basis. Analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Institutional Trading of Shoals Technologies Group

A number of large investors have recently made changes to their positions in the stock. Capstone Investment Advisors LLC boosted its stake in shares of Shoals Technologies Group by 1.7% during the fourth quarter. Capstone Investment Advisors LLC now owns 75,000 shares of the company’s stock valued at $1,166,000 after acquiring an additional 1,237 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Shoals Technologies Group by 14.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock valued at $181,000 after acquiring an additional 1,429 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Shoals Technologies Group by 1.0% in 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. boosted its stake in Shoals Technologies Group by 10.6% in the 4th quarter. Principal Financial Group Inc. now owns 19,839 shares of the company’s stock worth $308,000 after buying an additional 1,898 shares during the last quarter. Finally, Commerce Bank boosted its stake in Shoals Technologies Group by 12.8% in the 4th quarter. Commerce Bank now owns 18,038 shares of the company’s stock worth $280,000 after buying an additional 2,045 shares during 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.