Shoals Technologies Group (NASDAQ:SHLS) Trading Down 2%

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares traded down 2% during mid-day trading on Thursday . The stock traded as low as $11.45 and last traded at $11.52. 317,044 shares traded hands during trading, a decline of 91% from the average session volume of 3,627,496 shares. The stock had previously closed at $11.76.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Royal Bank of Canada decreased their target price on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Oppenheimer reduced their price objective on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. JPMorgan Chase & Co. dropped their target price on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. The Goldman Sachs Group dropped their target price on Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a report on Friday, March 1st. Finally, TD Cowen dropped their target price on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.18.

Shoals Technologies Group Trading Down 4.9 %

The stock has a market capitalization of $1.90 billion, a P/E ratio of 44.24 and a beta of 1.82. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average price of $13.81 and a 200 day moving average price of $15.13.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The business had revenue of $130.44 million for the quarter, compared to analyst estimates of $131.89 million. On average, research analysts forecast that Shoals Technologies Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in shares of Shoals Technologies Group by 17.5% in the second quarter. BlackRock Inc. now owns 19,146,223 shares of the company’s stock valued at $489,377,000 after purchasing an additional 2,858,043 shares during the period. Vanguard Group Inc. increased its holdings in shares of Shoals Technologies Group by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock valued at $254,241,000 after purchasing an additional 225,464 shares during the period. Wellington Management Group LLP increased its holdings in shares of Shoals Technologies Group by 28.5% in the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after purchasing an additional 2,864,879 shares during the period. Clearbridge Investments LLC increased its holdings in shares of Shoals Technologies Group by 2.7% in the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock valued at $139,502,000 after purchasing an additional 233,377 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Shoals Technologies Group by 0.8% in the first quarter. Invesco Ltd. now owns 7,063,711 shares of the company’s stock valued at $120,365,000 after purchasing an additional 55,184 shares during the period.

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.