Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 7.2% Following Weak Earnings

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price fell 7.2% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $4.00 and last traded at $3.96. 4,214,938 shares changed hands during trading, a decline of 36% from the average session volume of 6,579,269 shares. The stock had previously closed at $4.27.

The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. During the same period in the previous year, the company earned $0.12 earnings per share. Shoals Technologies Group’s revenue for the quarter was down 17.9% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SHLS. Oppenheimer lowered their target price on 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. Barclays lowered their price target on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. The Goldman Sachs Group reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday. Mizuho reduced their price objective on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Finally, Roth Mkm cut their price target on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group presently has an average rating of “Hold” and a consensus price target of $8.95.

Institutional Trading of Shoals Technologies Group

A number of institutional investors have recently added to or reduced their stakes in the stock. American Trust purchased a new stake in Shoals Technologies Group during the 4th quarter worth about $72,000. 49 Wealth Management LLC purchased a new stake in shares of Shoals Technologies Group in the 4th quarter valued at about $74,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Shoals Technologies Group by 13.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 478,524 shares of the company’s stock valued at $2,646,000 after acquiring an additional 56,176 shares in the last quarter. Two Sigma Investments LP raised its holdings in shares of Shoals Technologies Group by 40.6% in the 4th quarter. Two Sigma Investments LP now owns 657,589 shares of the company’s stock valued at $3,636,000 after acquiring an additional 189,754 shares in the last quarter. Finally, State of Wyoming raised its holdings in shares of Shoals Technologies Group by 250.7% in the 4th quarter. State of Wyoming now owns 15,117 shares of the company’s stock valued at $84,000 after acquiring an additional 10,806 shares in the last quarter.

Shoals Technologies Group Trading Down 8.9 %

The firm has a fifty day simple moving average of $4.89 and a two-hundred day simple moving average of $5.16. The stock has a market cap of $646.79 million, a PE ratio of 19.40, a PEG ratio of 0.52 and a beta of 1.62. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

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.