Shoals Technologies Group (NASDAQ:SHLS) Sets New 1-Year Low – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $2.77 and last traded at $3.01, with a volume of 6987884 shares. The stock had previously closed at $2.89.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SHLS shares. Truist Financial reduced their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Oppenheimer dropped their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 28th. Piper Sandler lowered their target price on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Mizuho reduced their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Finally, Wolfe Research began coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They set a “peer perform” rating for the company. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $8.95.

Shoals Technologies Group Stock Up 3.8 %

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 firm has a market capitalization of $500.10 million, a PE ratio of 15.00, a price-to-earnings-growth ratio of 0.52 and a beta of 1.62. The business’s 50-day moving average price is $4.77 and its 200-day moving average price is $5.12.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) 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 company had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $102.16 million. During the same quarter in the previous year, the company earned $0.12 EPS. The firm’s quarterly revenue was down 17.9% compared to the same quarter last year. As a group, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors have recently made changes to their positions in SHLS. FMR LLC raised its position in Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after acquiring an additional 1,906 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after purchasing an additional 2,517 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Shoals Technologies Group by 20.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company’s stock valued at $86,000 after purchasing an additional 2,652 shares during the last quarter. Maven Securities LTD lifted its stake in shares of Shoals Technologies Group by 11.1% in the 4th quarter. Maven Securities LTD now owns 50,000 shares of the company’s stock valued at $276,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in Shoals Technologies Group by 2.3% in the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock worth $1,653,000 after purchasing an additional 6,503 shares in the last quarter.

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.