Shoals Technologies Group (NASDAQ:SHLS) Shares Down 2%

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price dropped 2% during trading on Thursday . The company traded as low as $11.45 and last traded at $11.52. Approximately 317,044 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 3,627,496 shares. The stock had previously closed at $11.76.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SHLS. Truist Financial reaffirmed a “buy” rating and set a $20.00 target price (down previously from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $24.00 target price on shares of Shoals Technologies Group in a research report on Wednesday, March 13th. Piper Sandler cut their target price on Shoals Technologies Group from $20.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Oppenheimer cut their target price 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. Finally, Royal Bank of Canada dropped their price target on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $21.18.

Shoals Technologies Group Stock Performance

The company has a 50-day moving average price of $13.81 and a two-hundred day moving average price of $15.13. The stock has a market capitalization of $1.90 billion, a P/E ratio of 44.24 and a beta of 1.82. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.04). The business had revenue of $130.44 million for the quarter, compared to analysts’ expectations of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. Equities analysts expect that Shoals Technologies Group, Inc. will post 0.5 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

A number of institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. boosted its stake in shares of Shoals Technologies Group by 14.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock valued at $181,000 after purchasing an additional 1,429 shares during the period. SCP Investment LP purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at approximately $763,000. Vanguard Group Inc. boosted its stake in shares of Shoals Technologies Group by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock valued at $254,241,000 after purchasing an additional 225,464 shares during the period. Wellington Management Group LLP boosted its stake in shares of Shoals Technologies Group by 28.5% during the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after purchasing an additional 2,864,879 shares during the period. Finally, Electron Capital Partners LLC boosted its stake in shares of Shoals Technologies Group by 102.9% during the fourth quarter. Electron Capital Partners LLC now owns 2,148,680 shares of the company’s stock valued at $33,390,000 after purchasing an additional 1,089,848 shares during the period.

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.