Shoals Technologies Group (NASDAQ:SHLS) Hits New 12-Month Low on Analyst Downgrade

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price reached a new 52-week low during trading on Wednesday after Cantor Fitzgerald lowered their price target on the stock from $24.00 to $14.00. Cantor Fitzgerald currently has an overweight rating on the stock. Shoals Technologies Group traded as low as $7.55 and last traded at $7.55, with a volume of 78923 shares. The stock had previously closed at $8.80.

A number of other research analysts have also commented on SHLS. Janney Montgomery Scott started coverage on Shoals Technologies Group in a report on Friday, January 19th. They set a “buy” rating and a $20.00 price target for the company. Roth Mkm cut shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating and cut their target price for the company from $15.00 to $8.00 in a research note on Wednesday. Northland Securities restated an “underperform” rating and issued a $6.00 price target (down from $12.00) on shares of Shoals Technologies Group in a research report on Wednesday. JPMorgan Chase & Co. cut their price objective on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, February 29th. Finally, Piper Sandler reduced their price objective on Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.06.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors have recently added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Shoals Technologies Group by 30.1% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company’s stock worth $57,050,000 after buying an additional 1,179,834 shares during the last quarter. Edmond DE Rothschild Holding S.A. grew its position in Shoals Technologies Group by 9.9% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 220,181 shares of the company’s stock worth $2,462,000 after acquiring an additional 19,879 shares during the last quarter. William Blair Investment Management LLC increased its holdings in Shoals Technologies Group by 71.6% during the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after purchasing an additional 4,263,964 shares in the last quarter. ProShare Advisors LLC raised its position in Shoals Technologies Group by 6.3% in the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock valued at $459,000 after purchasing an additional 2,427 shares during the last quarter. Finally, Qsemble Capital Management LP boosted its stake in Shoals Technologies Group by 59.7% in the first quarter. Qsemble Capital Management LP now owns 58,113 shares of the company’s stock worth $650,000 after purchasing an additional 21,729 shares in the last quarter.

Shoals Technologies Group Stock Performance

The stock has a 50 day moving average price of $10.66 and a two-hundred day moving average price of $13.29. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 30.04 and a beta of 1.86. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88.

Shoals Technologies Group (NASDAQ:SHLS) last issued 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 for the quarter, compared to the consensus estimate of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. On average, analysts predict that Shoals Technologies Group, Inc. will post 0.5 EPS for the current fiscal year.

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.