Shoals Technologies Group (NASDAQ:SHLS) Shares Down 5.7% After Analyst Downgrade

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded down 5.7% during trading 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. 688,611 shares were traded during mid-day trading, a decline of 86% from the average session volume of 4,968,731 shares. The stock had previously closed at $4.56.

A number of other brokerages have also recently issued reports on SHLS. JPMorgan Chase & Co. dropped their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Northland Securities reduced their price objective on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. Roth Capital lowered shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. UBS Group dropped their target price on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, TD Cowen lifted their target price on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $11.92.

Institutional Trading of Shoals Technologies Group

A number of large investors have recently made changes to their positions in the business. Barclays PLC grew its position in Shoals Technologies Group by 25.9% in the third quarter. Barclays PLC now owns 291,242 shares of the company’s stock worth $1,634,000 after acquiring an additional 59,856 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in shares of Shoals Technologies Group by 33.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock worth $826,000 after purchasing an additional 37,008 shares during the period. XTX Topco Ltd increased its position in shares of Shoals Technologies Group by 346.6% during the 3rd quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock valued at $758,000 after purchasing an additional 104,850 shares during the last quarter. Yaupon Capital Management LP purchased a new stake in Shoals Technologies Group during the 3rd quarter valued at $8,585,000. Finally, Wellington Management Group LLP lifted its position in Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after buying an additional 1,666,691 shares during the last quarter.

Shoals Technologies Group Price Performance

The company has a quick ratio of 1.50, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $709.93 million, a PE ratio of 21.30, a price-to-earnings-growth ratio of 0.67 and a beta of 1.73. The firm’s 50 day simple moving average is $5.51 and its 200 day simple moving average is $6.14.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates 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 return on equity of 9.83% and a net margin of 7.78%. Shoals Technologies Group’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 earnings per share. As a group, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.28 EPS for the current fiscal year.

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.