Shoals Technologies Group (NASDAQ:SHLS) Trading Down 3.5%

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price fell 3.5% on Thursday . The company traded as low as $6.62 and last traded at $6.64. 282,648 shares were traded during mid-day trading, a decline of 94% from the average session volume of 4,643,756 shares. The stock had previously closed at $6.88.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SHLS. Royal Bank of Canada reduced their target price on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Mizuho cut their price objective on shares of Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. The Goldman Sachs Group cut their price objective on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. Roth Capital downgraded shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 7th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.29.

Shoals Technologies Group Stock Down 1.1 %

The company’s 50 day moving average price is $7.64 and its two-hundred day moving average price is $11.58. The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30. The stock has a market cap of $1.11 billion, a P/E ratio of 36.17 and a beta of 1.81.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. The firm had revenue of $90.81 million for the quarter, compared to analysts’ expectations of $94.44 million. Equities analysts forecast that Shoals Technologies Group, Inc. will post 0.44 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors have recently made changes to their positions in SHLS. William Blair Investment Management LLC lifted its stake in shares of Shoals Technologies Group by 71.6% in the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after purchasing an additional 4,263,964 shares during the period. Joho Capital LLC raised its stake in Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after acquiring an additional 3,387,539 shares during the period. Wellington Management Group LLP raised its stake in Shoals Technologies Group by 28.5% during the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after acquiring an additional 2,864,879 shares during the period. Swedbank AB bought a new stake in Shoals Technologies Group during the 1st quarter worth approximately $25,268,000. Finally, Norges Bank bought a new stake in Shoals Technologies Group during the 4th quarter worth approximately $31,416,000.

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.