Shoals Technologies Group (NASDAQ:SHLS) Hits New 1-Year Low – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares hit a new 52-week low during trading on Wednesday . The company traded as low as $3.87 and last traded at $3.85, with a volume of 375875 shares. The stock had previously closed at $4.10.

Analyst Upgrades and Downgrades

SHLS has been the topic of a number of recent research reports. Barclays dropped their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Bank of America initiated coverage on shares of Shoals Technologies Group in a report on Monday, November 25th. They set a “buy” rating and a $6.00 price objective on the stock. Piper Sandler lowered their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target on the stock in a research report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.48.

Shoals Technologies Group Price Performance

The firm has a market cap of $673.47 million, a P/E ratio of 20.20, a PEG ratio of 0.53 and a beta of 1.62. The business’s fifty day simple moving average is $4.95 and its 200-day simple moving average is $5.27. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. During the same quarter in the prior year, the business earned $0.16 EPS. The firm’s revenue for the quarter was down 23.8% compared to the same quarter last year. As a group, analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 6,460 shares of company stock valued at $30,271. Corporate insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Shoals Technologies Group by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock valued at $94,915,000 after acquiring an additional 576,736 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock worth $78,710,000 after buying an additional 1,125,938 shares during the last quarter. Point72 Asset Management L.P. raised its position in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after buying an additional 5,622,207 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Shoals Technologies Group by 20.7% during the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock worth $35,480,000 after acquiring an additional 1,098,577 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Shoals Technologies Group by 16.1% in the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after acquiring an additional 658,617 shares in the last quarter.

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.