Shoals Technologies Group (NASDAQ:SHLS) Shares Down 3.4%

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares were down 3.4% during trading on Friday . The stock traded as low as $6.57 and last traded at $6.61. Approximately 748,547 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 4,096,552 shares. The stock had previously closed at $6.84.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Northland Securities reiterated an “underperform” rating and issued a $6.00 target price (down previously from $12.00) on shares of Shoals Technologies Group in a report on Wednesday, May 8th. Janney Montgomery Scott initiated coverage on Shoals Technologies Group in a report on Friday, January 19th. They set a “buy” rating and a $20.00 price objective for the company. Barclays lowered their price target on Shoals Technologies Group from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Thursday, May 9th. JPMorgan Chase & Co. reduced their target price on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. Finally, Roth Capital downgraded shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a report on Tuesday, May 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.29.

Shoals Technologies Group Price Performance

The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 35.56 and a beta of 1.86. The company has a 50 day simple moving average of $9.81 and a 200-day simple moving average of $12.92. The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The company had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. Research analysts expect that Shoals Technologies Group, Inc. will post 0.44 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. William Blair Investment Management LLC increased its position in Shoals Technologies Group by 71.6% during the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after buying an additional 4,263,964 shares during the last quarter. Joho Capital LLC lifted its holdings in Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after purchasing an additional 3,387,539 shares during the last quarter. Wellington Management Group LLP boosted its position in 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 worth $200,626,000 after purchasing an additional 2,864,879 shares during the period. Norges Bank bought a new position in shares of Shoals Technologies Group in the fourth quarter valued at about $31,416,000. Finally, Handelsbanken Fonder AB raised its position in shares of Shoals Technologies Group by 301.5% in the fourth quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock valued at $39,206,000 after purchasing an additional 1,894,560 shares during the period.

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.