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

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $3.87 and last traded at $3.85, with a volume of 375875 shares. The stock had previously closed at $4.10.

Analysts Set New Price Targets

A number of brokerages have issued reports on SHLS. TD Cowen boosted their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Piper Sandler reduced their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Oppenheimer lowered their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 28th. Bank of America assumed coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 price target on the stock. Finally, The Goldman Sachs Group decreased their price target on Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $9.48.

Shoals Technologies Group Stock Down 3.5 %

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The firm’s 50 day moving average is $4.98 and its two-hundred day moving average is $5.29. The firm has a market capitalization of $659.30 million, a P/E ratio of 19.83, a PEG ratio of 0.53 and a beta of 1.62.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The firm’s revenue was down 23.8% compared to the same quarter last year. Research analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the transaction, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. The trade was a 3.90 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last three months, insiders have sold 6,460 shares of company stock worth $30,271. Corporate insiders own 1.67% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Several hedge funds and other institutional investors have recently made changes to their positions in SHLS. FMR LLC lifted its holdings in shares of Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares during the period. Empirical Asset Management LLC bought a new position in Shoals Technologies Group during the 4th quarter worth $59,000. TrinityPoint Wealth LLC acquired a new position in Shoals Technologies Group during the 3rd quarter worth about $60,000. Cibc World Markets Corp acquired a new position in Shoals Technologies Group during the 4th quarter worth about $87,000. Finally, Versor Investments LP bought a new stake in shares of Shoals Technologies Group in the 4th quarter valued at about $91,000.

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.