Shoals Technologies Group (NASDAQ:SHLS) Sets New 1-Year Low - Should You Sell?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $4.85 and last traded at $4.88, with a volume of 1044553 shares. The stock had previously closed at $5.10.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Roth Mkm cut their target price on Shoals Technologies Group from $7.00 to $6.00 and set a "neutral" rating on the stock in a research note on Friday, September 6th. Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They set a "hold" rating and a $5.00 price objective on the stock. Barclays decreased their target price on shares of Shoals Technologies Group from $10.00 to $7.00 and set an "equal weight" rating for the company in a research report on Thursday, August 8th. Roth Capital downgraded shares of Shoals Technologies Group from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 7th. Finally, Piper Sandler increased their price objective on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the company an "overweight" rating in a report on Tuesday, September 10th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group has a consensus rating of "Hold" and a consensus price target of $11.08.

Shoals Technologies Group Stock Performance

The firm's 50 day simple moving average is $5.68 and its 200-day simple moving average is $7.09. The company has a market capitalization of $838.47 million, a price-to-earnings ratio of 27.33, a P/E/G ratio of 0.74 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $99.25 million during the quarter, compared to the consensus estimate of $90.57 million. During the same period in the prior year, the business earned $0.12 EPS. The business's revenue for the quarter was down 16.7% on a year-over-year basis. Analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Shoals Technologies Group by 59.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company's stock worth $3,929,000 after acquiring an additional 130,434 shares in the last quarter. M&G Plc bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at approximately $7,021,000. First Trust Advisors LP increased its holdings in Shoals Technologies Group by 32.9% in the fourth quarter. First Trust Advisors LP now owns 2,178,531 shares of the company's stock worth $33,854,000 after buying an additional 538,908 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Shoals Technologies Group by 16.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,215,815 shares of the company's stock valued at $34,434,000 after acquiring an additional 309,261 shares in the last quarter. Finally, Electron Capital Partners LLC lifted its stake in Shoals Technologies Group by 102.9% in the fourth quarter. Electron Capital Partners LLC now owns 2,148,680 shares of the company's stock valued at $33,390,000 after acquiring an additional 1,089,848 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.