Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 7.7% - Here's What Happened

Key Points

• Shoals Technologies Group shares fell 7.7% in Monday mid-day trading, from a previous close of $10.08 to about $9.30; trading volume was 88% below its daily average.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $10.94. Recent target changes were mixed, including cuts from Mizuho and Jefferies and increases from Goldman Sachs and RBC.
• The company reported quarterly EPS of $0.14, above the $0.12 estimate, while revenue of $195.31 million topped forecasts and rose 43.8% year over year.

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) dropped 7.7% during mid-day trading on Monday. The company traded as low as $9.29 and last traded at $9.3040. Approximately 625,637 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 5,335,273 shares. The stock had previously closed at $10.08.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Mizuho cut their price objective on Shoals Technologies Group from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Friday, October 16th. Jefferies Financial Group cut their price target on Shoals Technologies Group from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, October 14th. The Goldman Sachs Group raised their price objective on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Royal Bank Of Canada boosted their target price on shares of Shoals Technologies Group from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Monday. Finally, JPMorgan Chase & Co. reduced their target price on shares of Shoals Technologies Group from $13.00 to $12.00 and set an "overweight" rating for the company in a report on Monday, October 19th. Twelve analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $10.94.

Shoals Technologies Group Stock Performance

The company has a current ratio of 2.45, a quick ratio of 1.39 and a debt-to-equity ratio of 0.26. The company has a market cap of $1.51 billion, a P/E ratio of 38.98, a PEG ratio of 1.19 and a beta of 1.86. The business's 50 day simple moving average is $7.74 and its 200 day simple moving average is $8.47.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its earnings results on Wednesday, November 4th. The company reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. The company had revenue of $195.31 million for the quarter, compared to analysts' expectations of $161.78 million. Shoals Technologies Group had a net margin of 5.84% and a return on equity of 10.23%. Shoals Technologies Group's revenue for the quarter was up 43.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.12 EPS. Sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. lifted its stake in Shoals Technologies Group by 0.5% during the 1st quarter. Principal Financial Group Inc. now owns 394,094 shares of the company's stock valued at $2,593,000 after acquiring an additional 1,883 shares during the period. Parallel Advisors LLC raised its holdings in shares of Shoals Technologies Group by 194.1% during the third quarter. Parallel Advisors LLC now owns 4,014 shares of the company's stock worth $33,000 after purchasing an additional 2,649 shares during the last quarter. Mirador Capital Partners LP lifted its position in Shoals Technologies Group by 4.7% during the third quarter. Mirador Capital Partners LP now owns 60,728 shares of the company's stock valued at $492,000 after purchasing an additional 2,708 shares during the period. Farther Finance Advisors LLC lifted its position in Shoals Technologies Group by 428.6% during the third quarter. Farther Finance Advisors LLC now owns 4,134 shares of the company's stock valued at $33,000 after purchasing an additional 3,352 shares during the period. Finally, KBC Group NV purchased a new stake in Shoals Technologies Group in the first quarter valued at $30,000.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc develops electrical balance-of-system (EBOS) solutions for solar energy projects. Its products connect, protect, combine and monitor the direct-current electrical output of solar panels before electricity is converted and delivered to the broader power system.

The company's product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, communication and monitoring equipment, and other electrical components used in photovoltaic installations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.