Shoals Technologies Group (NASDAQ:SHLS) Hits New 12-Month Low – What’s Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $2.77 and last traded at $3.01, with a volume of 6987884 shares trading hands. The stock had previously closed at $2.89.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Oppenheimer reduced their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Tuesday, January 28th. Wolfe Research began coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They issued a “peer perform” rating for the company. The Goldman Sachs Group lowered their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Bank of America initiated coverage on Shoals Technologies Group in a report on Monday, November 25th. They set a “buy” rating and a $6.00 price target for the company. Finally, Roth Mkm decreased their target price on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $8.95.

Shoals Technologies Group Trading Up 3.8 %

The firm’s 50 day simple moving average is $4.77 and its 200-day simple moving average is $5.12. The company has a market capitalization of $500.10 million, a PE ratio of 15.00, a P/E/G ratio of 0.52 and a beta of 1.62. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The business had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same period last year, the company posted $0.12 earnings per share. As a group, equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Institutional Trading of Shoals Technologies Group

Hedge funds have recently made changes to their positions in the company. Creative Planning increased its stake in Shoals Technologies Group by 115.5% during the 3rd quarter. Creative Planning now owns 33,288 shares of the company’s stock worth $187,000 after buying an additional 17,844 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Shoals Technologies Group during the third quarter worth about $833,000. Van ECK Associates Corp lifted its stake in shares of Shoals Technologies Group by 1.9% in the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after acquiring an additional 2,517 shares in the last quarter. Impax Asset Management Group plc raised its position in shares of Shoals Technologies Group by 19.4% in the 3rd quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company’s stock valued at $8,602,000 after purchasing an additional 249,582 shares in the last quarter. Finally, M&G PLC boosted its stake in Shoals Technologies Group by 2.9% during the 3rd quarter. M&G PLC now owns 1,204,642 shares of the company’s stock valued at $7,228,000 after acquiring an additional 34,428 shares during 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.