Shoals Technologies Group (NASDAQ:SHLS) Shares Down 3.2%

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares fell 3.2% during trading on Friday . The company traded as low as $6.26 and last traded at $6.27. 590,366 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 4,696,174 shares. The stock had previously closed at $6.48.

Analyst Ratings Changes

A number of research firms have recently commented on SHLS. Cantor Fitzgerald dropped their price objective on Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, May 8th. Mizuho decreased their target price on Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Roth Mkm cut Shoals Technologies Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $15.00 to $8.00 in a research report on Wednesday, May 8th. Roth Capital cut Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 7th. Finally, Northland Securities reissued an “underperform” rating and issued a $6.00 target price (down from $12.00) on shares of Shoals Technologies Group in a research report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.29.

Shoals Technologies Group Stock Down 3.7 %

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.87 and a current ratio of 2.62. The business has a 50-day simple moving average of $7.44 and a two-hundred day simple moving average of $11.31. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 34.67 and a beta of 1.81.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $90.81 million during the quarter, compared to analysts’ expectations of $94.44 million. Shoals Technologies Group had a return on equity of 13.95% and a net margin of 6.42%. As a group, equities analysts predict that Shoals Technologies Group, Inc. will post 0.44 EPS for the current year.

Institutional Trading of Shoals Technologies Group

Several hedge funds have recently modified their holdings of SHLS. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Shoals Technologies Group in the 4th quarter valued at approximately $33,000. Headlands Technologies LLC acquired a new stake in shares of Shoals Technologies Group in the 1st quarter valued at approximately $92,000. iA Global Asset Management Inc. purchased a new position in Shoals Technologies Group in the 3rd quarter valued at approximately $102,000. Paloma Partners Management Co purchased a new position in Shoals Technologies Group in the 1st quarter valued at approximately $115,000. Finally, Harbour Capital Advisors LLC purchased a new position in Shoals Technologies Group in the 1st quarter valued at approximately $138,000.

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.