Shoals Technologies Group (NASDAQ:SHLS) Stock Rating Lowered by BNP Paribas

BNP Paribas downgraded shares of Shoals Technologies Group (NASDAQ:SHLS) from an outperform rating to a neutral rating in a report published on Wednesday, Marketbeat Ratings reports. BNP Paribas currently has $7.00 price target on the stock, down from their previous price target of $15.00.

Several other equities research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Shoals Technologies Group from $21.00 to $23.00 and gave the stock an overweight rating in a research report on Tuesday, July 16th. Piper Sandler decreased their price objective on shares of Shoals Technologies Group from $14.00 to $11.00 and set an overweight rating for the company in a research report on Wednesday, May 8th. Northland Capmk cut shares of Shoals Technologies Group from a hold rating to a strong sell rating in a research report on Wednesday, May 8th. Citigroup cut shares of Shoals Technologies Group from a buy rating to a sell rating and decreased their price objective for the stock from $15.00 to $5.00 in a research report on Tuesday, July 2nd. Finally, Roth Mkm cut shares of Shoals Technologies Group from a buy rating to a neutral rating and reduced their price target for the company from $15.00 to $8.00 in a research report on Wednesday, May 8th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group has a consensus rating of Hold and an average target price of $11.76.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $5.12 on Wednesday. The company has a quick ratio of 1.87, a current ratio of 2.62 and a debt-to-equity ratio of 0.30. Shoals Technologies Group has a 52 week low of $4.88 and a 52 week high of $22.40. The stock has a market capitalization of $872.55 million, a PE ratio of 28.45 and a beta of 1.76. The firm has a 50 day moving average of $6.45 and a two-hundred day moving average of $9.53.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. The business had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.77%. The company’s revenue for the quarter was down 16.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 EPS. On average, research analysts predict that Shoals Technologies Group will post 0.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. increased its stake in Shoals Technologies Group by 8,389.5% in the second quarter. Federated Hermes Inc. now owns 1,222,482 shares of the company’s stock valued at $7,628,000 after purchasing an additional 1,208,082 shares during the period. Headlands Technologies LLC increased its stake in Shoals Technologies Group by 440.6% in the second quarter. Headlands Technologies LLC now owns 44,431 shares of the company’s stock valued at $277,000 after purchasing an additional 36,212 shares during the period. Quest Partners LLC increased its stake in Shoals Technologies Group by 160.1% in the second quarter. Quest Partners LLC now owns 37,026 shares of the company’s stock valued at $231,000 after purchasing an additional 22,789 shares during the period. Corbyn Investment Management Inc. MD increased its stake in shares of Shoals Technologies Group by 178.4% during the second quarter. Corbyn Investment Management Inc. MD now owns 144,803 shares of the company’s stock worth $904,000 after acquiring an additional 92,796 shares during the period. Finally, Savant Capital LLC acquired a new position in shares of Shoals Technologies Group during the second quarter worth about $528,000.

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.