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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares fell 3.7% 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. 540,324 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 6,886,522 shares. The stock had previously closed at $4.62.

SHLS has been the topic of several other research reports. Truist Financial decreased their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Piper Sandler reduced their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Bank of America began coverage on Shoals Technologies Group in a report on Monday, November 25th. They issued a “buy” rating and a $6.00 target price for the company. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Finally, Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a research note on Tuesday, December 17th. 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.03.

Insider Activity

In related news, CEO Brandon Moss bought 22,300 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 6,460 shares of company stock worth $30,271. 0.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC grew its stake in shares of Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares during the last quarter. Empirical Asset Management LLC acquired a new position in Shoals Technologies Group during the 4th quarter valued at approximately $59,000. TrinityPoint Wealth LLC purchased a new position in shares of Shoals Technologies Group in the third quarter worth $60,000. Mackenzie Financial Corp purchased a new stake in Shoals Technologies Group during the 2nd quarter valued at about $64,000. Finally, American Trust purchased a new position in shares of Shoals Technologies Group in the second quarter worth about $68,000.

Shoals Technologies Group Price Performance

The stock has a fifty day moving average of $5.07 and a 200 day moving average of $5.51. The stock has a market cap of $734.31 million, a price-to-earnings ratio of 22.08, a P/E/G ratio of 0.54 and a beta of 1.64. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data 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 net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. During the same period last year, the company earned $0.16 earnings per share. The firm’s revenue was down 23.8% on a year-over-year basis. On average, analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal 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.