Shoals Technologies Group (NASDAQ:SHLS) Trading Down 4.5%

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price fell 4.5% on Monday . The company traded as low as $8.74 and last traded at $8.76. 680,253 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 3,784,520 shares. The stock had previously closed at $9.17.

Wall Street Analysts Forecast Growth

SHLS has been the topic of a number of recent research reports. UBS Group reduced their price objective on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. The Goldman Sachs Group lowered their price target on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Piper Sandler reduced their price objective on shares of Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Mizuho restated a “buy” rating and issued a $18.00 price objective (down previously from $19.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $24.00 target price on shares of Shoals Technologies Group in a report on Wednesday, March 13th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.06.

Shoals Technologies Group Stock Down 4.2 %

The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1.42 billion, a P/E ratio of 33.40 and a beta of 1.79. The firm has a 50-day simple moving average of $12.83 and a two-hundred day simple moving average of $14.08.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The business had revenue of $130.44 million for the quarter, compared to the consensus estimate of $131.89 million. Equities research analysts expect that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc grew its stake in shares of Shoals Technologies Group by 73.5% during the second quarter. IFP Advisors Inc now owns 1,223 shares of the company’s stock worth $31,000 after buying an additional 518 shares during the last quarter. Citigroup Inc. grew its position in Shoals Technologies Group by 1.9% during the 1st quarter. Citigroup Inc. now owns 27,663 shares of the company’s stock worth $630,000 after acquiring an additional 526 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Shoals Technologies Group by 9.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 6,810 shares of the company’s stock worth $174,000 after purchasing an additional 568 shares in the last quarter. Arizona State Retirement System increased its holdings in Shoals Technologies Group by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 48,353 shares of the company’s stock worth $882,000 after purchasing an additional 689 shares in the last quarter. Finally, Assetmark Inc. raised its position in Shoals Technologies Group by 92.7% in the third quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after purchasing an additional 765 shares during 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.