Shoals Technologies Group (NASDAQ:SHLS) Rating Lowered to Neutral at Roth Capital

Shoals Technologies Group (NASDAQ:SHLS) was downgraded by equities researchers at Roth Capital from a “buy” rating to a “neutral” rating in a report released on Tuesday, Zacks.com reports.

A number of other equities analysts also recently issued reports on the company. The Goldman Sachs Group cut their target price on Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, March 1st. Janney Montgomery Scott initiated coverage on Shoals Technologies Group in a report on Friday, January 19th. They issued a “buy” rating and a $20.00 target price for the company. Northland Securities reaffirmed an “underperform” rating and set a $6.00 price target (down from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday. TD Cowen cut their price target on shares of Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Mizuho decreased their price objective on shares of Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.06.

Shoals Technologies Group Trading Down 14.7 %

NASDAQ:SHLS opened at $7.51 on Tuesday. Shoals Technologies Group has a 12-month low of $7.27 and a 12-month high of $28.34. 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. The firm has a market cap of $1.28 billion, a P/E ratio of 30.04 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate 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. 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 and hedge funds have recently added to or reduced their stakes in the company. Assetmark Inc. grew its position in shares of Shoals Technologies Group by 92.7% in the third quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after purchasing an additional 765 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in Shoals Technologies Group during the fourth quarter valued at approximately $33,000. Headlands Technologies LLC grew its stake in Shoals Technologies Group by 101.4% during the third quarter. Headlands Technologies LLC now owns 4,459 shares of the company’s stock worth $81,000 after buying an additional 2,245 shares during the period. Trium Capital LLP acquired a new stake in shares of Shoals Technologies Group in the third quarter worth $93,000. Finally, iA Global Asset Management Inc. purchased a new position in shares of Shoals Technologies Group in the 3rd quarter valued at $102,000.

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.