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

Shoals Technologies Group, Inc. (NASDAQ:SHLSGet Free Report) dropped 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. Approximately 540,324 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 6,886,522 shares. The stock had previously closed at $4.62.

Several other brokerages also recently commented on SHLS. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their target price for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. Morgan Stanley upgraded 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 research note on Tuesday, December 17th. Bank of America assumed coverage on shares of Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 target price for the company. TD Cowen lifted their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Piper Sandler decreased their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $10.03.

Read Our Latest Stock Report on Shoals Technologies Group

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 6,460 shares of company stock worth $30,271 over the last 90 days. Insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

A number of large investors have recently bought and sold shares of SHLS. Canada Pension Plan Investment Board raised its position in shares of Shoals Technologies Group by 92.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 100,300 shares of the company’s stock worth $626,000 after purchasing an additional 48,200 shares during the period. Ensign Peak Advisors Inc grew its stake in Shoals Technologies Group by 42.4% during the 2nd quarter. Ensign Peak Advisors Inc now owns 82,623 shares of the company’s stock worth $516,000 after buying an additional 24,600 shares during the last quarter. Point72 DIFC Ltd increased its position in Shoals Technologies Group by 12.8% in the second quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock worth $341,000 after buying an additional 6,206 shares during the period. AQR Capital Management LLC lifted its stake in Shoals Technologies Group by 505.8% in the second quarter. AQR Capital Management LLC now owns 1,020,428 shares of the company’s stock valued at $6,367,000 after buying an additional 851,978 shares during the last quarter. Finally, Decade Renewable Partners LP boosted its holdings in shares of Shoals Technologies Group by 7.8% during the second quarter. Decade Renewable Partners LP now owns 646,997 shares of the company’s stock valued at $4,037,000 after acquiring an additional 46,990 shares during the period.

Shoals Technologies Group Trading Down 7.1 %

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The firm’s fifty day moving average price is $5.06 and its 200-day moving average price is $5.50. The company has a market cap of $715.14 million, a price-to-earnings ratio of 21.45, a P/E/G ratio of 0.54 and a beta of 1.64.

Shoals Technologies Group (NASDAQ:SHLSGet Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same period in the previous year, the firm earned $0.16 earnings per share. The company’s revenue for the quarter was down 23.8% on a year-over-year basis. On average, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

About Shoals Technologies Group

(Get Free Report)

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.

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