Shoals Technologies Group (NASDAQ:SHLS) Reaches New 1-Year Low After Analyst Downgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares hit a new 52-week low during trading on Wednesday after Cantor Fitzgerald lowered their price target on the stock from $24.00 to $14.00. Cantor Fitzgerald currently has an overweight rating on the stock. Shoals Technologies Group traded as low as $7.55 and last traded at $7.55, with a volume of 78923 shares trading hands. The stock had previously closed at $8.80.

Several other research firms have also recently commented on SHLS. Truist Financial reaffirmed a “buy” rating and set a $20.00 price objective (down from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Royal Bank of Canada reduced their price target on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. JPMorgan Chase & Co. decreased their price objective on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. Oppenheimer dropped their target price on shares of Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Finally, Janney Montgomery Scott initiated coverage on shares of Shoals Technologies Group in a research note on Friday, January 19th. They set a “buy” rating and a $20.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $18.06.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SHLS. Wellington Management Group LLP raised its stake in Shoals Technologies Group by 38.0% during the 3rd quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock worth $183,329,000 after acquiring an additional 2,764,566 shares during the period. Handelsbanken Fonder AB lifted its stake in shares of Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock valued at $39,206,000 after buying an additional 1,894,560 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Shoals Technologies Group by 24.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 21,430 shares of the company’s stock worth $333,000 after buying an additional 4,261 shares during the period. JPMorgan Chase & Co. increased its stake in Shoals Technologies Group by 28.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after buying an additional 1,402,419 shares in the last quarter. Finally, Glenmede Trust Co. NA purchased a new stake in Shoals Technologies Group in the 3rd quarter worth $206,000.

Shoals Technologies Group Trading Down 14.7 %

The firm has a market capitalization of $1.28 billion, a P/E ratio of 30.04 and a beta of 1.86. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The stock has a fifty day simple moving average of $10.66 and a 200 day simple moving average of $13.29.

Shoals Technologies Group (NASDAQ:SHLS) last issued 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 the consensus estimate of $131.89 million. As a group, research analysts forecast that Shoals Technologies Group, Inc. will post 0.5 EPS for the current year.

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.