Shoals Technologies Group (NASDAQ:SHLS) Hits New 52-Week Low After Analyst Downgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price reached a new 52-week low on Friday 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 $4.57 and last traded at $4.59, with a volume of 4123836 shares traded. The stock had previously closed at $5.22.

SHLS has been the subject of a number of other research reports. Roth Capital downgraded Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Truist Financial dropped their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.92.

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds have recently modified their holdings of SHLS. Price T Rowe Associates Inc. MD grew its stake in shares of Shoals Technologies Group by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock worth $2,068,000 after purchasing an additional 1,857 shares during the last quarter. FMR LLC lifted its holdings 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 period. ProShare Advisors LLC grew its position in shares of Shoals Technologies Group by 6.3% in the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock worth $459,000 after buying an additional 2,427 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Shoals Technologies Group by 1.9% during the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after buying an additional 2,517 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Shoals Technologies Group by 3.8% during the second quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock valued at $637,000 after acquiring an additional 3,699 shares in the last quarter.

Shoals Technologies Group Price Performance

The company has a market cap of $759.91 million, a PE ratio of 22.80, a price-to-earnings-growth ratio of 0.73 and a beta of 1.73. The business has a 50 day moving average of $5.54 and a 200 day moving average of $6.21. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. During the same period in the prior year, the business posted $0.16 earnings per share. The company’s revenue for the quarter was down 23.8% on a year-over-year basis. As a group, research analysts predict that Shoals Technologies Group, Inc. will post 0.28 EPS for the current year.

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.