Shoals Technologies Group (NASDAQ:SHLS) Sets New 1-Year Low at $11.37

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $11.37 and last traded at $11.37, with a volume of 1938015 shares trading hands. The stock had previously closed at $11.79.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SHLS shares. UBS Group dropped their target price on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, March 1st. Oppenheimer dropped their price objective on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Mizuho reaffirmed a “buy” rating and set a $18.00 price objective (down previously from $19.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. JPMorgan Chase & Co. dropped their price objective on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, February 29th. Finally, TD Cowen dropped their price objective on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $21.18.

Shoals Technologies Group Price Performance

The company has a 50-day moving average price of $13.81 and a 200-day moving average price of $15.13. The firm has a market capitalization of $1.90 billion, a PE ratio of 44.24 and a beta of 1.82. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $131.89 million. Sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.5 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Several large investors have recently added to or reduced their stakes in the business. Assetmark Inc. raised its holdings in shares of Shoals Technologies Group by 92.7% in the 3rd quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock worth $29,000 after purchasing an additional 765 shares during the period. IFP Advisors Inc raised its holdings in shares of Shoals Technologies Group by 73.5% in the 2nd quarter. IFP Advisors Inc now owns 1,223 shares of the company’s stock worth $31,000 after purchasing an additional 518 shares during the period. ANTIPODES PARTNERS Ltd purchased a new position in shares of Shoals Technologies Group in the 4th quarter worth about $33,000. MetLife Investment Management LLC purchased a new position in shares of Shoals Technologies Group in the 1st quarter worth about $36,000. Finally, Toroso Investments LLC purchased a new position in shares of Shoals Technologies Group in the 3rd quarter worth about $44,000.

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.