Shoals Technologies Group (NASDAQ:SHLS) Shares Down 3.7% Following Analyst Downgrade

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) fell 3.7% during mid-day trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $9.00 to $8.00. The Goldman Sachs Group currently has a buy rating on the stock. Shoals Technologies Group traded as low as $4.46 and last traded at $4.45. 540,324 shares were traded during mid-day trading, a decline of 92% from the average session volume of 6,886,522 shares. The stock had previously closed at $4.62.

A number of other equities analysts also recently issued reports on SHLS. TD Cowen increased their target price on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Guggenheim cut their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Bank of America started coverage on Shoals Technologies Group in a report on Monday, November 25th. They issued a “buy” rating and a $6.00 target price for the company. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and upped their price target for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. Finally, Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a report on Tuesday, December 17th. Three analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.03.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss bought 22,300 shares of the stock in a transaction on Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders sold 6,460 shares of company stock valued at $30,271. 1.67% of the stock is owned by insiders.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in SHLS. FMR LLC boosted its stake in Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after buying an additional 1,906 shares during the last quarter. Van ECK Associates Corp raised its stake in Shoals Technologies Group by 1.9% during the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after purchasing an additional 2,517 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Shoals Technologies Group by 3.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock valued at $637,000 after purchasing an additional 3,699 shares during the last quarter. Point72 DIFC Ltd grew its stake in shares of Shoals Technologies Group by 12.8% during the 2nd quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock valued at $341,000 after buying an additional 6,206 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in shares of Shoals Technologies Group by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock worth $1,653,000 after buying an additional 6,503 shares during the last quarter.

Shoals Technologies Group Stock Down 7.1 %

The firm has a market capitalization of $715.14 million, a PE ratio of 21.45, a price-to-earnings-growth ratio of 0.54 and a beta of 1.64. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average of $5.06 and a two-hundred day moving average of $5.50.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data 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 during 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%. The business’s revenue for the quarter was down 23.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.16 earnings per share. On average, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current 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.