Shoals Technologies Group (NASDAQ:SHLS) Rating Lowered to Neutral at Roth Capital

Shoals Technologies Group (NASDAQ:SHLS) was downgraded by equities research analysts at Roth Capital from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, Zacks.com reports.

A number of other research analysts also recently issued reports on SHLS. Royal Bank of Canada cut their target price on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Northland Securities reaffirmed an “underperform” rating and issued a $6.00 price objective (down from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday. The Goldman Sachs Group dropped their target price on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Truist Financial restated a “buy” rating and issued a $20.00 price target (down from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Finally, Janney Montgomery Scott assumed coverage on Shoals Technologies Group in a report on Friday, January 19th. They issued a “buy” rating and a $20.00 price objective for the company. One 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $18.06.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $7.51 on Tuesday. The stock has a market capitalization of $1.28 billion, a P/E 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 firm has a 50 day moving average of $10.66 and a 200-day moving average of $13.29. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The business had revenue of $130.44 million during the quarter, compared to the consensus estimate of $131.89 million. As a group, sell-side analysts anticipate that Shoals Technologies Group will post 0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SHLS. Vanguard Group Inc. lifted its holdings in shares of Shoals Technologies Group by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock worth $254,241,000 after buying an additional 225,464 shares in the last quarter. Wellington Management Group LLP raised its stake in Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after purchasing an additional 2,864,879 shares in the last quarter. William Blair Investment Management LLC boosted its holdings 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 purchasing an additional 4,263,964 shares during the period. Clearbridge Investments LLC grew its position in shares of Shoals Technologies Group by 2.7% during the 4th quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after purchasing an additional 233,377 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after purchasing an additional 1,402,419 shares during the period.

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.