Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 7.5% After Earnings Miss

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) dropped 7.5% on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $5.17 and last traded at $5.34. Approximately 922,829 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 4,909,440 shares. The stock had previously closed at $5.77.

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 9.81% and a net margin of 7.78%. The business had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. Shoals Technologies Group’s quarterly revenue was down 23.8% on a year-over-year basis.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $12.00 target price on shares of Shoals Technologies Group in a report on Tuesday, September 17th. JPMorgan Chase & Co. cut their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. TD Cowen lifted their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Finally, Oppenheimer reduced their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $12.45.

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently made changes to their positions in SHLS. Healthcare of Ontario Pension Plan Trust Fund raised its position in Shoals Technologies Group by 1.6% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 551,055 shares of the company’s stock valued at $3,091,000 after purchasing an additional 8,918 shares during the period. FMR LLC raised its holdings in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares during the period. Dynamic Technology Lab Private Ltd raised its holdings in shares of Shoals Technologies Group by 10.5% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 120,670 shares of the company’s stock valued at $677,000 after buying an additional 11,441 shares during the period. Algert Global LLC lifted its position in Shoals Technologies Group by 124.3% during the 3rd quarter. Algert Global LLC now owns 202,811 shares of the company’s stock worth $1,138,000 after acquiring an additional 112,380 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in Shoals Technologies Group in the 3rd quarter worth approximately $255,000.

Shoals Technologies Group Price Performance

The company’s 50-day simple moving average is $5.57 and its 200-day simple moving average is $6.24. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The company has a market cap of $824.92 million, a price-to-earnings ratio of 24.75, a P/E/G ratio of 0.71 and a beta of 1.73.

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.