Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 4.4% – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares were down 4.4% during mid-day trading on Monday . The stock traded as low as $6.65 and last traded at $6.6740. Approximately 3,421,517 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 4,738,351 shares. The stock had previously closed at $6.98.

Analyst Ratings Changes

Several equities analysts have issued reports on SHLS shares. Guggenheim cut their target price on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. UBS Group cut their target price on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Jefferies Financial Group cut their target price on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Roth Mkm cut their target price on Shoals Technologies Group from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Finally, Royal Bank Of Canada dropped their price target on Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Moderate Buy” and a consensus target price of $9.57.

Shoals Technologies Group Trading Up 8.2%

The stock has a 50-day moving average of $7.47 and a 200 day moving average of $8.48. The stock has a market cap of $1.21 billion, a PE ratio of 36.10, a price-to-earnings-growth ratio of 0.92 and a beta of 1.64. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 0.23.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, February 24th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. The firm had revenue of $148.33 million during the quarter, compared to analysts’ expectations of $144.52 million. During the same quarter in the prior year, the company earned $0.08 EPS. Shoals Technologies Group’s quarterly revenue was up 38.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Mercuria Capital Strategies LLC acquired a new position in Shoals Technologies Group in the third quarter valued at approximately $2,223,000. Ruffer LLP acquired a new position in Shoals Technologies Group in the third quarter valued at approximately $2,735,000. Assenagon Asset Management S.A. lifted its holdings in Shoals Technologies Group by 148.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 414,545 shares of the company’s stock valued at $3,524,000 after acquiring an additional 247,721 shares during the period. American Century Companies Inc. lifted its holdings in Shoals Technologies Group by 17.8% in the third quarter. American Century Companies Inc. now owns 3,244,717 shares of the company’s stock valued at $24,043,000 after acquiring an additional 490,451 shares during the period. Finally, Erste Asset Management GmbH lifted its holdings in Shoals Technologies Group by 44.1% in the third quarter. Erste Asset Management GmbH now owns 4,516,372 shares of the company’s stock valued at $33,873,000 after acquiring an additional 1,382,999 shares during the period.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.