Shoals Technologies Group (NASDAQ:SHLS) Downgraded by Roth Capital to “Neutral”

Roth Capital cut shares of Shoals Technologies Group (NASDAQ:SHLS) from a buy rating to a neutral rating in a research report released on Tuesday morning, Zacks.com reports.

SHLS has been the subject of several other research reports. Royal Bank of Canada cut their price objective on Shoals Technologies Group from $20.00 to $17.00 and set an outperform rating for the company in a research report on Thursday, February 29th. Truist Financial reiterated a buy rating and issued a $20.00 price objective (down previously from $23.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Mizuho lowered their target price on shares of Shoals Technologies Group from $16.00 to $13.00 and set a buy rating on the stock in a research report on Wednesday. Cantor Fitzgerald reduced their price target on shares of Shoals Technologies Group from $24.00 to $14.00 and set an overweight rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. lowered their price target on Shoals Technologies Group from $32.00 to $26.00 and set an overweight rating on the stock in a report on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group presently has an average rating of Moderate Buy and a consensus target price of $18.06.

Shoals Technologies Group Stock Down 14.7 %

Shares of NASDAQ SHLS opened at $7.51 on Tuesday. The business has a 50-day moving average of $10.66 and a two-hundred day moving average of $13.29. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 30.04 and a beta of 1.86. Shoals Technologies Group has a 1 year low of $7.27 and a 1 year high of $28.34. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). The firm had revenue of $130.44 million for the quarter, compared to analysts’ expectations of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. On average, analysts forecast that Shoals Technologies Group will post 0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of large investors have recently modified their holdings of the stock. William Blair Investment Management LLC boosted its position in Shoals Technologies Group by 71.6% in the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after buying an additional 4,263,964 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Shoals Technologies Group by 28.5% in the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after acquiring an additional 2,864,879 shares in the last quarter. Norges Bank purchased a new position in Shoals Technologies Group in the fourth quarter valued at about $31,416,000. Handelsbanken Fonder AB grew its stake in Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock valued at $39,206,000 after purchasing an additional 1,894,560 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Shoals Technologies Group by 28.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock valued at $116,217,000 after purchasing an additional 1,402,419 shares in the last quarter.

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.