Shoals Technologies Group (NASDAQ:SHLS) Shares Down 2%

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price traded down 2% during mid-day trading on Thursday . The company traded as low as $11.45 and last traded at $11.52. 317,044 shares traded hands during trading, a decline of 91% from the average session volume of 3,627,496 shares. The stock had previously closed at $11.76.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $24.00 target price on shares of Shoals Technologies Group in a report on Wednesday, March 13th. TD Cowen dropped their price objective on shares of Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Royal Bank of Canada dropped their price objective on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Barclays dropped their target price on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 5th. Finally, UBS Group dropped their target price on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group has an average rating of “Moderate Buy” and a consensus price target of $21.18.

Shoals Technologies Group Price Performance

The company has a market cap of $1.90 billion, a price-to-earnings ratio of 44.24 and a beta of 1.82. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. The company’s 50 day moving average price is $13.81 and its 200 day moving average price is $15.13.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Wednesday, February 28th. The company reported $0.11 EPS 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 firm had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.5 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

Several hedge funds and other institutional investors have recently made changes to their positions in SHLS. Raymond James & Associates lifted its stake in shares of Shoals Technologies Group by 1.1% in 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 during the period. Bank of New York Mellon Corp lifted its stake in shares of Shoals Technologies Group by 2.7% in 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 during the period. US Bancorp DE lifted its stake in shares of Shoals Technologies Group by 700.2% in 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 during the period. Bank of Montreal Can lifted its stake in shares of Shoals Technologies Group by 41.1% in 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 during the period. Finally, MetLife Investment Management LLC purchased a new position in Shoals Technologies Group during the 1st quarter valued at about $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.