Shoals Technologies Group (NASDAQ:SHLS) Trading Down 4.3%

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price was down 4.3% during trading on Wednesday . The stock traded as low as $6.01 and last traded at $6.05. Approximately 492,395 shares changed hands during trading, a decline of 90% from the average daily volume of 5,002,510 shares. The stock had previously closed at $6.32.

Analyst Upgrades and Downgrades

SHLS has been the subject of several research analyst reports. Barclays dropped their price objective on Shoals Technologies Group from $10.00 to $7.00 and set an "equal weight" rating for the company in a research note on Thursday, August 8th. Northland Securities dropped their price target on Shoals Technologies Group from $6.00 to $4.00 and set an "underperform" rating for the company in a research report on Thursday, August 8th. Truist Financial decreased their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Friday, September 6th. Royal Bank of Canada restated an "outperform" rating and set a $11.00 target price on shares of Shoals Technologies Group in a report on Friday, September 6th. Finally, Citigroup cut shares of Shoals Technologies Group from a "buy" rating to a "sell" rating and cut their target price for the stock from $15.00 to $5.00 in a research report on Tuesday, July 2nd. Four analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Shoals Technologies Group currently has an average rating of "Hold" and an average target price of $11.06.

Shoals Technologies Group Price Performance

The company has a 50 day moving average of $5.91 and a 200 day moving average of $7.52. The stock has a market capitalization of $946.57 million, a price-to-earnings ratio of 31.56, a price-to-earnings-growth ratio of 0.92 and a beta of 1.74. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27.

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 for the quarter, topping the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business had revenue of $99.25 million for the quarter, compared to analyst estimates of $90.57 million. During the same period in the prior year, the firm posted $0.12 EPS. The company's revenue was down 16.7% on a year-over-year basis. As a group, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors have recently added to or reduced their stakes in the company. ANTIPODES PARTNERS Ltd lifted its position in Shoals Technologies Group by 122.4% during the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company's stock valued at $54,000 after buying an additional 2,638 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Shoals Technologies Group during the 1st quarter worth $92,000. 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group during the 2nd quarter worth $54,000. Mackenzie Financial Corp acquired a new stake in Shoals Technologies Group in the 2nd quarter valued at $64,000. Finally, Paloma Partners Management Co purchased a new position in Shoals Technologies Group in the first quarter valued at about $115,000.

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.