Shoals Technologies Group (NASDAQ:SHLS) Sets New 52-Week Low - Here's What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price reached a new 52-week low during trading on Tuesday . The company traded as low as $2.77 and last traded at $3.01, with a volume of 6987884 shares changing hands. The stock had previously closed at $2.89.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. TD Cowen increased their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. The Goldman Sachs Group lowered their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They set a "peer perform" rating on the stock. Barclays lowered their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating on the stock in a research report on Friday, January 17th. Finally, Roth Mkm lowered their price objective on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a research report on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of "Hold" and an average price target of $8.95.

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Shoals Technologies Group Stock Down 6.3 %

The firm has a market capitalization of $470.09 million, a P/E ratio of 14.10, a P/E/G ratio of 0.52 and a beta of 1.69. The company's 50-day simple moving average is $4.63 and its two-hundred day simple moving average is $5.07. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm's revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.12 earnings per share. As a group, research analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of the firm's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now directly owns 1,051,303 shares in the company, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 35,975 shares of company stock worth $110,633 in the last three months. Company insiders own 1.67% of the company's stock.

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently modified their holdings of SHLS. Point72 Asset Management L.P. raised its position in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company's stock valued at $38,396,000 after purchasing an additional 5,622,207 shares during the period. Erste Asset Management GmbH purchased a new position in Shoals Technologies Group during the third quarter valued at $20,191,000. Norges Bank purchased a new position in Shoals Technologies Group during the fourth quarter valued at $12,472,000. Verition Fund Management LLC grew its stake in Shoals Technologies Group by 938.3% during the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company's stock valued at $12,629,000 after acquiring an additional 2,034,291 shares in the last quarter. Finally, Impax Asset Management Group plc grew its stake in Shoals Technologies Group by 126.3% during the fourth quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company's stock valued at $19,083,000 after acquiring an additional 1,935,983 shares in 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.