Shoals Technologies Group’s (SHLS) Underperform Rating Reiterated at Northland Securities

Shoals Technologies Group (NASDAQ:SHLS)‘s stock had its “underperform” rating reaffirmed by equities researchers at Northland Securities in a research report issued on Wednesday, Benzinga reports. They presently have a $6.00 target price on the stock, down from their prior target price of $12.00. Northland Securities’ target price would suggest a potential downside of 19.35% from the company’s current price.

Several other research firms also recently issued reports on SHLS. UBS Group dropped their price objective on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, March 1st. Roth Mkm cut Shoals Technologies Group from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $8.00 in a report on Wednesday. Janney Montgomery Scott began coverage on shares of Shoals Technologies Group in a report on Friday, January 19th. They set a “buy” rating and a $20.00 target price for the company. TD Cowen dropped their target price on shares of Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Piper Sandler decreased their price target on shares of Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.78.

Shoals Technologies Group Trading Down 15.5 %

Shoals Technologies Group stock traded down $1.36 during midday trading on Wednesday, hitting $7.44. 6,793,350 shares of the stock were exchanged, compared to its average volume of 3,871,813. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 30.08 and a beta of 1.86. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. The stock’s 50-day simple moving average is $10.66 and its 200 day simple moving average is $13.29. Shoals Technologies Group has a fifty-two week low of $7.36 and a fifty-two week high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The firm had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. On average, equities analysts anticipate that Shoals Technologies Group will post 0.5 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SHLS. Vanguard Group Inc. increased its stake in Shoals Technologies Group by 1.4% during the 4th 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 in the last quarter. Wellington Management Group LLP lifted its position in shares of Shoals Technologies Group by 28.5% during the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after buying an additional 2,864,879 shares in the last quarter. Clearbridge Investments LLC increased its position in shares of Shoals Technologies Group by 2.7% during the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock valued at $139,502,000 after acquiring an additional 233,377 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after buying an additional 1,402,419 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in Shoals Technologies Group by 25.1% in the third quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock valued at $108,310,000 after acquiring an additional 1,190,411 shares during 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.