Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 5.8% - Here's What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price fell 5.8% during mid-day trading on Friday . The stock traded as low as $4.90 and last traded at $4.93. 2,528,670 shares changed hands during trading, a decline of 57% from the average session volume of 5,888,455 shares. The stock had previously closed at $5.23.

Analyst Ratings Changes

SHLS has been the subject of a number of recent analyst reports. Roth Mkm cut their price objective on Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a research report on Wednesday, February 26th. Guggenheim raised their price objective on Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Citigroup boosted their target price on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Royal Bank Of Canada decreased their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a research report on Wednesday, February 26th. Finally, BNP Paribas Exane downgraded shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective on the stock. in a research report on Thursday, May 15th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, Shoals Technologies Group currently has an average rating of "Hold" and an average price target of $8.45.

Shoals Technologies Group Price Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.58 and a current ratio of 2.34. The firm has a market cap of $830.05 million, a PE ratio of 41.27, a price-to-earnings-growth ratio of 0.71 and a beta of 1.64. The stock has a 50 day simple moving average of $4.45 and a two-hundred day simple moving average of $4.34.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). Shoals Technologies Group had a net margin of 4.90% and a return on equity of 7.63%. The firm had revenue of $80.36 million for the quarter, compared to analysts' expectations of $74.66 million. During the same period last year, the firm earned $0.07 earnings per share. Shoals Technologies Group's revenue for the quarter was down 11.2% compared to the same quarter last year. Sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its position in shares of Shoals Technologies Group by 51.9% in the first quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company's stock valued at $71,765,000 after buying an additional 7,382,548 shares in the last quarter. Vanguard Group Inc. grew its stake in Shoals Technologies Group by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock valued at $94,915,000 after acquiring an additional 576,736 shares during the period. Invesco Ltd. increased its holdings in Shoals Technologies Group by 5.8% in the 1st quarter. Invesco Ltd. now owns 6,791,182 shares of the company's stock worth $22,547,000 after acquiring an additional 375,271 shares in the last quarter. Encompass Capital Advisors LLC raised its position in Shoals Technologies Group by 14.5% during the fourth quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company's stock worth $29,919,000 after acquiring an additional 683,642 shares during the period. Finally, Erste Asset Management GmbH lifted its holdings in Shoals Technologies Group by 7.6% during the first quarter. Erste Asset Management GmbH now owns 3,867,306 shares of the company's stock valued at $12,802,000 after purchasing an additional 273,500 shares in the last quarter.

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.

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