Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 7.3% on Analyst Downgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) traded down 7.3% on Friday after Barclays lowered their price target on the stock from $13.00 to $12.00. Barclays currently has an equal weight rating on the stock. Shoals Technologies Group traded as low as $7.07 and last traded at $7.12. 5,439,146 shares traded hands during trading, an increase of 36% from the average session volume of 3,990,362 shares. The stock had previously closed at $7.68.

SHLS has been the topic of a number of other research reports. Roth Capital lowered shares of Shoals Technologies Group from a "buy" rating to a "neutral" rating in a report on Tuesday. 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 for the company in a research report on Thursday, February 29th. Oppenheimer decreased their price objective on Shoals Technologies Group from $42.00 to $17.00 and set an "outperform" rating on the stock in a research report on Thursday, February 29th. JPMorgan Chase & Co. decreased their price objective on Shoals Technologies Group from $32.00 to $26.00 and set an "overweight" rating on the stock in a research report on Thursday, February 29th. Finally, Roth Mkm lowered Shoals Technologies Group from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $15.00 to $8.00 in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.29.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHLS. Wellington Management Group LLP boosted its holdings in shares of Shoals Technologies Group by 38.0% during the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company's stock worth $183,329,000 after acquiring an additional 2,764,566 shares during the period. Handelsbanken Fonder AB boosted its holdings in shares of Shoals Technologies Group by 301.5% during the fourth quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company's stock worth $39,206,000 after acquiring an additional 1,894,560 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Shoals Technologies Group by 24.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 21,430 shares of the company's stock worth $333,000 after acquiring an additional 4,261 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company's stock worth $116,217,000 after acquiring an additional 1,402,419 shares during the period. Finally, Glenmede Trust Co. NA bought a new stake in shares of Shoals Technologies Group during the third quarter worth approximately $206,000.

Shoals Technologies Group Trading Down 9.6 %

The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $1.18 billion, a P/E ratio of 28.88 and a beta of 1.86. The firm has a 50 day moving average of $10.40 and a 200-day moving average of $13.21.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). The company had revenue of $130.44 million during the quarter, compared to the consensus estimate of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. On average, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.5 earnings per share for the current fiscal year.

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.