Shoals Technologies Group (NASDAQ:SHLS) Cut to Neutral at Roth Mkm

Roth Mkm lowered shares of Shoals Technologies Group (NASDAQ:SHLS - Free Report) from a buy rating to a neutral rating in a report published on Wednesday morning, Marketbeat.com reports. They currently have $8.00 target price on the stock, down from their prior target price of $15.00.

Several other equities analysts also recently weighed in on SHLS. Oppenheimer dropped their price objective on Shoals Technologies Group from $42.00 to $17.00 and set an outperform rating for the company in a research note on Thursday, February 29th. Mizuho decreased their price objective on shares of Shoals Technologies Group from $18.00 to $16.00 and set a buy rating on the stock in a research report on Friday, April 19th. Cantor Fitzgerald restated an overweight rating and set a $24.00 target price on shares of Shoals Technologies Group in a report on Wednesday, March 13th. Janney Montgomery Scott began coverage on shares of Shoals Technologies Group in a research report on Friday, January 19th. They set a buy rating and a $20.00 target price for the company. Finally, The Goldman Sachs Group lowered their price target on shares of Shoals Technologies Group from $26.00 to $23.00 and set a buy rating on the stock in a research report on Friday, March 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group has a consensus rating of Moderate Buy and an average target price of $18.06.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock traded down $1.29 during midday trading on Wednesday, reaching $7.51. The company's stock had a trading volume of 13,818,384 shares, compared to its average volume of 3,957,332. The firm has a market capitalization of $1.28 billion, a PE ratio of 29.52 and a beta of 1.86. Shoals Technologies Group has a fifty-two week low of $7.27 and a fifty-two week high of $28.34. The stock's 50 day simple moving average is $10.66 and its 200 day simple moving average is $13.29. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data 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 net margin of 8.18% and a return on equity of 16.02%. The company had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. On average, equities research analysts forecast that Shoals Technologies Group 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 added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Shoals Technologies Group by 47.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 24,479 shares of the company's stock valued at $447,000 after purchasing an additional 7,854 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Shoals Technologies Group by 64.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 93,235 shares of the company's stock worth $1,702,000 after acquiring an additional 36,567 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Shoals Technologies Group by 0.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 607,444 shares of the company's stock worth $11,086,000 after acquiring an additional 5,059 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Shoals Technologies Group by 56.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,697 shares of the company's stock worth $688,000 after acquiring an additional 13,608 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Shoals Technologies Group by 20.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 226,713 shares of the company's stock worth $4,138,000 after acquiring an additional 38,879 shares in the last quarter.

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.