Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 5.7% on Analyst Downgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price dropped 5.7% on Monday after Morgan Stanley lowered their price target on the stock from $8.00 to $7.00. Morgan Stanley currently has an equal weight rating on the stock. Shoals Technologies Group traded as low as $4.30 and last traded at $4.30. Approximately 688,611 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 4,968,731 shares. The stock had previously closed at $4.56.

A number of other research firms also recently weighed in on SHLS. Jefferies Financial Group assumed coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They set a "hold" rating and a $5.00 target price for the company. Royal Bank of Canada restated an "outperform" rating and set a $11.00 target price on shares of Shoals Technologies Group in a research report on Friday, September 6th. BNP Paribas cut Shoals Technologies Group from an "outperform" rating to a "neutral" rating and cut their price target for the company from $15.00 to $7.00 in a research note on Wednesday, August 7th. Truist Financial lowered their price objective on Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating on the stock in a research note on Friday, September 6th. Finally, Barclays decreased their price target on Shoals Technologies Group from $7.00 to $5.00 and set an "equal weight" rating on the stock in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Shoals Technologies Group currently has an average rating of "Hold" and an average price target of $11.92.

Institutional Trading of Shoals Technologies Group

Hedge funds have recently modified their holdings of the business. FMR LLC boosted its stake in Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company's stock worth $33,000 after acquiring an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group in the 2nd quarter worth approximately $54,000. TrinityPoint Wealth LLC purchased a new stake in shares of Shoals Technologies Group in the 3rd quarter worth approximately $60,000. Mackenzie Financial Corp bought a new position in Shoals Technologies Group during the 2nd quarter valued at approximately $64,000. Finally, American Trust purchased a new position in Shoals Technologies Group during the second quarter valued at $68,000.

Shoals Technologies Group Stock Down 6.6 %

The firm has a market capitalization of $709.93 million, a P/E ratio of 22.80, a P/E/G ratio of 0.67 and a beta of 1.73. The company has a fifty day simple moving average of $5.54 and a 200 day simple moving average of $6.18. The company has a quick ratio of 1.50, a current ratio of 2.08 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to analysts' expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business's revenue for the quarter was down 23.8% compared to the same quarter last year. During the same period last year, the company posted $0.16 earnings per share. On average, equities analysts expect that Shoals Technologies Group, Inc. will post 0.28 EPS for the current fiscal year.

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.