Shoals Technologies Group (NASDAQ:SHLS) Shares Down 4.2%

Shoals Technologies Group, Inc. (NASDAQ:SHLS) dropped 4.2% during mid-day trading on Wednesday . The stock traded as low as $6.19 and last traded at $6.19. Approximately 1,068,254 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 5,025,238 shares. The stock had previously closed at $6.46.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SHLS. Roth Capital lowered shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Oppenheimer decreased their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday. Finally, Jefferies Financial Group initiated coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They set a “hold” rating and a $5.00 price target on the stock. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and a consensus target price of $11.06.

Shoals Technologies Group Trading Down 3.1 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. The stock has a market cap of $1.04 billion, a P/E ratio of 35.89, a P/E/G ratio of 0.93 and a beta of 1.74. The company has a 50-day simple moving average of $5.95 and a 200-day simple moving average of $7.75.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. During the same period in the previous year, the business posted $0.12 earnings per share. The firm’s revenue for the quarter was down 16.7% compared to the same quarter last year. On average, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of SHLS. American Trust bought a new position in Shoals Technologies Group in the 2nd quarter valued at $68,000. Algert Global LLC boosted its holdings in Shoals Technologies Group by 656.4% in the second quarter. Algert Global LLC now owns 90,431 shares of the company’s stock valued at $564,000 after acquiring an additional 78,476 shares during the last quarter. Scientech Research LLC acquired a new stake in Shoals Technologies Group in the second quarter worth about $713,000. Mackenzie Financial Corp acquired a new stake in Shoals Technologies Group in the second quarter worth about $64,000. Finally, The Manufacturers Life Insurance Company raised its holdings in Shoals Technologies Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after purchasing an additional 3,699 shares during 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.