Shoals Technologies Group (NASDAQ:SHLS) Lowered to Neutral at Roth Capital

Shoals Technologies Group (NASDAQ:SHLS) was downgraded by equities research analysts at Roth Capital from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

SHLS has been the subject of several other research reports. Northland Securities reaffirmed an “underperform” rating and set a $6.00 price target (down previously from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday. Mizuho lowered their price objective on shares of Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday. UBS Group cut their price objective on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, March 1st. TD Cowen decreased their target price on shares of Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Truist Financial restated a “buy” rating and set a $20.00 price target (down from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.06.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $7.51 on Tuesday. The business has a 50-day simple moving average of $10.66 and a 200 day simple moving average of $13.29. Shoals Technologies Group has a 52 week low of $7.27 and a 52 week high of $28.34. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 30.04 and a beta of 1.86. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33.

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

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Shoals Technologies Group by 1.4% during the 4th 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 boosted its stake in shares of Shoals Technologies Group by 28.5% during the 4th 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 in the last quarter. William Blair Investment Management LLC increased its position in shares of Shoals Technologies Group by 71.6% during the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after buying an additional 4,263,964 shares during the period. Clearbridge Investments LLC raised its stake in Shoals Technologies Group by 2.7% in the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after buying an additional 233,377 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Shoals Technologies Group by 28.2% in the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after buying an additional 1,402,419 shares during the period.

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.