BNP Paribas Exane Downgrades Shoals Technologies Group (NASDAQ:SHLS) to Underperform

Shoals Technologies Group (NASDAQ:SHLS) was downgraded by equities researchers at BNP Paribas Exane from a “neutral” rating to an “underperform” rating in a report released on Thursday, MarketBeat reports. They currently have a $4.00 price target on the stock. BNP Paribas Exane’s target price suggests a potential downside of 17.70% from the company’s previous close.

Several other research analysts also recently weighed in on the stock. UBS Group decreased their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Roth Mkm decreased their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Oppenheimer decreased their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 28th. Royal Bank of Canada decreased their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Finally, Wolfe Research started coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They issued a “peer perform” rating on the stock. Four analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $8.40.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $4.86 on Thursday. The firm’s 50-day moving average price is $3.70 and its 200-day moving average price is $4.38. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The company has a market cap of $811.60 million, a PE ratio of 24.30, a PEG ratio of 0.52 and a beta of 1.52. Shoals Technologies Group has a 52-week low of $2.71 and a 52-week high of $8.52.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The business had revenue of $80.36 million during the quarter, compared to analysts’ expectations of $74.66 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s quarterly revenue was down 11.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.07 EPS. As a group, analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current year.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the sale, the chief executive officer now directly owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. The trade was a 2.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 40,575 shares of company stock worth $123,957. Insiders own 1.67% of the company’s stock.

Institutional Trading of Shoals Technologies Group

A number of institutional investors and hedge funds have recently bought and sold shares of SHLS. Empirical Asset Management LLC bought a new stake in Shoals Technologies Group in the 4th quarter valued at $59,000. SG Americas Securities LLC bought a new stake in Shoals Technologies Group in the 4th quarter valued at $185,000. Stratos Wealth Partners LTD. purchased a new position in shares of Shoals Technologies Group in the 4th quarter worth $110,000. Cidel Asset Management Inc. purchased a new position in shares of Shoals Technologies Group in the 4th quarter worth $326,000. Finally, RWC Asset Management LLP purchased a new position in shares of Shoals Technologies Group in the 4th quarter worth $1,891,000.

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.