Shoals Technologies Group (NASDAQ:SHLS) Reaches New 1-Year Low – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SHLS shares. Barclays lowered their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. TD Cowen boosted their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a report on Tuesday, December 17th. Truist Financial dropped their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Finally, Mizuho cut their price target on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $9.48.

Shoals Technologies Group Stock Performance

The company has a market cap of $659.30 million, a P/E ratio of 19.83, a PEG ratio of 0.53 and a beta of 1.62. The business’s 50 day simple moving average is $4.98 and its 200 day simple moving average is $5.29. 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 posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm’s revenue was down 23.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.16 earnings per share. Sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss acquired 22,300 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the acquisition, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 6,460 shares of company stock worth $30,271. Company insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company grew its stake in shares of Shoals Technologies Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after purchasing an additional 3,699 shares during the period. Creative Planning boosted its holdings in Shoals Technologies Group by 115.5% during the third quarter. Creative Planning now owns 33,288 shares of the company’s stock worth $187,000 after buying an additional 17,844 shares in the last quarter. Roubaix Capital LLC acquired a new stake in Shoals Technologies Group during the third quarter valued at $2,156,000. Janney Montgomery Scott LLC purchased a new stake in shares of Shoals Technologies Group during the 3rd quarter worth about $833,000. Finally, Van ECK Associates Corp grew its position in shares of Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after acquiring an additional 2,517 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.