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

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

A number of other equities analysts have also commented on SHLS. Barclays decreased their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Piper Sandler dropped their price target on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Guggenheim reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Truist Financial dropped their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $10.03.

Insider Buying and Selling

In related news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction that occurred 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 purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 6,460 shares of company stock valued at $30,271 over the last three months. Corporate insiders own 0.36% of the company’s stock.

Institutional Trading of Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Canada Pension Plan Investment Board raised its position in Shoals Technologies Group by 92.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 100,300 shares of the company’s stock worth $626,000 after buying an additional 48,200 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in Shoals Technologies Group by 146.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after purchasing an additional 93,400 shares during the period. Ensign Peak Advisors Inc boosted its holdings in Shoals Technologies Group by 42.4% in the second quarter. Ensign Peak Advisors Inc now owns 82,623 shares of the company’s stock worth $516,000 after purchasing an additional 24,600 shares during the last quarter. Point72 DIFC Ltd grew its position in Shoals Technologies Group by 12.8% in the 2nd quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock worth $341,000 after purchasing an additional 6,206 shares during the period. Finally, AQR Capital Management LLC raised its stake in Shoals Technologies Group by 505.8% during the 2nd quarter. AQR Capital Management LLC now owns 1,020,428 shares of the company’s stock valued at $6,367,000 after buying an additional 851,978 shares during the last quarter.

Shoals Technologies Group Price Performance

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

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The business had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue for the quarter was down 23.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.16 EPS. As a group, analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal 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.