Shoals Technologies Group (NASDAQ:SHLS) Hits New 12-Month Low at $8.48

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price reached a new 52-week low on Tuesday . The company traded as low as $8.48 and last traded at $8.55, with a volume of 320450 shares traded. The stock had previously closed at $8.72.

Analyst Ratings Changes

SHLS has been the subject of a number of recent research reports. UBS Group dropped their target price on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Oppenheimer dropped their target price on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating for the company in a research report on Thursday, February 29th. JPMorgan Chase & Co. dropped their target price on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, February 29th. Barclays decreased their price target on Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 5th. Finally, TD Cowen decreased their price target on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Moderate Buy” and a consensus target price of $21.06.

Shoals Technologies Group Stock Down 0.8 %

The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. The stock has a market capitalization of $1.41 billion, a PE ratio of 33.12 and a beta of 1.79. The company has a 50 day moving average price of $12.69 and a 200-day moving average price of $14.04.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results 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). 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 for the quarter, compared to analysts’ expectations of $131.89 million. As a group, analysts forecast that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds have recently made changes to their positions in SHLS. Raymond James & Associates boosted its position in shares of Shoals Technologies Group by 1.1% during the first quarter. Raymond James & Associates now owns 90,966 shares of the company’s stock valued at $1,550,000 after purchasing an additional 1,034 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Shoals Technologies Group by 2.7% during the first quarter. Bank of New York Mellon Corp now owns 341,154 shares of the company’s stock valued at $5,813,000 after purchasing an additional 9,067 shares in the last quarter. US Bancorp DE boosted its position in shares of Shoals Technologies Group by 700.2% during the first quarter. US Bancorp DE now owns 6,450 shares of the company’s stock valued at $110,000 after purchasing an additional 5,644 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Shoals Technologies Group by 41.1% during the first quarter. Bank of Montreal Can now owns 33,244 shares of the company’s stock valued at $597,000 after purchasing an additional 9,691 shares in the last quarter. Finally, MetLife Investment Management LLC bought a new stake in shares of Shoals Technologies Group during the first quarter valued at approximately $36,000.

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.