Shoals Technologies Group (NASDAQ:SHLS) Stock Falls 7.7% – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares traded down 7.7% during trading on Monday. The company traded as low as $9.29 and last traded at $9.3040. 625,637 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 5,335,273 shares. The stock had previously closed at $10.08.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Oppenheimer restated an “outperform” rating and issued a $13.00 price objective on shares of Shoals Technologies Group in a research report on Tuesday, August 4th. The Goldman Sachs Group raised their price objective on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Barclays lifted their target price on shares of Shoals Technologies Group from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Thursday, October 8th. Jefferies Financial Group decreased their target price on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, October 14th. Finally, Wall Street Zen downgraded shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Twelve research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.94.

Shoals Technologies Group Stock Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.45 and a quick ratio of 1.39. The firm has a fifty day simple moving average of $7.74 and a 200 day simple moving average of $8.47. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of 38.98, a price-to-earnings-growth ratio of 1.19 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Wednesday, November 4th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. Shoals Technologies Group had a return on equity of 10.23% and a net margin of 5.84%. The business had revenue of $195.31 million during the quarter, compared to the consensus estimate of $161.78 million. During the same period in the prior year, the company posted $0.12 EPS. The business’s quarterly revenue was up 43.8% on a year-over-year basis. On average, analysts anticipate that Shoals Technologies Group, Inc. will post 0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of large investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its holdings in Shoals Technologies Group by 194.1% during the third quarter. Parallel Advisors LLC now owns 4,014 shares of the company’s stock valued at $33,000 after purchasing an additional 2,649 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of Shoals Technologies Group by 428.6% during the third quarter. Farther Finance Advisors LLC now owns 4,134 shares of the company’s stock worth $33,000 after purchasing an additional 3,352 shares in the last quarter. KBC Group NV purchased a new stake in shares of Shoals Technologies Group during the first quarter worth about $30,000. Integrated Wealth Concepts LLC acquired a new position in shares of Shoals Technologies Group during the 2nd quarter worth about $53,000. Finally, Sterling Capital Management LLC raised its position in shares of Shoals Technologies Group by 604.6% during the 3rd quarter. Sterling Capital Management LLC now owns 5,482 shares of the company’s stock worth $44,000 after purchasing an additional 4,704 shares during the last quarter.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc develops electrical balance-of-system (EBOS) solutions for solar energy projects. Its products connect, protect, combine and monitor the direct-current electrical output of solar panels before electricity is converted and delivered to the broader power system.

The company’s product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, communication and monitoring equipment, and other electrical components used in photovoltaic installations.