Shoals Technologies Group (NASDAQ:SHLS – Get a Free Report) was downgraded by stock analysts at Roth Capital from “hold” to “strong sell” in a research report issued to clients and investors on Wednesday, Zacks.com reports.
SHLS has been the subject of several other reports. Piper Sandler cut their price target on Shoals Technologies Group from $11.00 to $8.00 and gave the company an “overweight” rating in a report on Wednesday. Northland Securities cut their price target on shares of Shoals Technologies Group from $6.00 to $4.00 and gave the company an “underperform” rating in a research report on Thursday. BNP Paribas downgraded shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their price target for the company from $15.00 to $7.00 in a research note on Wednesday. Barclays cut their price target on Shoals Technologies Group from $10.00 to $7.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Citigroup downgraded Shoals Technologies Group from a “buy” rating to a “sell” rating and decreased their price target for the stock from $15.00 to $5.00 in a research note on Tuesday, July 2. Four investment analysts have rated the stock with a “sell” rating, four have given a “hold” rating and eleven have given a “buy” rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $11.76.
Read our latest stock analysis on SHLS
Share price development of Shoals Technologies Group
Shoals Technologies Group shares opened at $5.29 on Wednesday. The company has a market cap of $901.52 million, a P/E ratio of 29.39 and a beta of 1.76. Shoals Technologies Group has a twelve month low of $4.88 and a twelve month high of $22.42. The company has a quick ratio of 1.87, a current ratio of 2.62 and a debt-to-equity ratio of 0.30. The company has a 50-day average price of $6.51 and a 200-day average price of $9.63.
Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last released its quarterly earnings results on Tuesday, August 6. The company reported earnings per share of $0.10 for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. The company posted revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. During the same quarter last year, the company posted earnings per share of $0.12. The company’s revenue for the quarter decreased 16.7% year-over-year. Sell-side analysts forecast that Shoals Technologies Group will report earnings per share of $0.44 for the current fiscal year.
Institutional inflows and outflows
Several institutional investors and hedge funds have recently bought and sold shares of the company. William Blair Investment Management LLC increased its holdings in shares of Shoals Technologies Group by 71.6% in 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 purchasing an additional 4,263,964 shares in the last quarter. Joho Capital LLC increased its holdings in Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after purchasing an additional 3,387,539 shares in the last quarter. 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 acquiring an additional 2,864,879 shares in the last quarter. Swedbank AB acquired a new stake in shares of Shoals Technologies Group in the 1st quarter valued at $25,268,000. Finally, Norges Bank acquired a new stake in shares of Shoals Technologies Group in the 4th quarter valued at $31,416,000.
About Shoals Technologies Group
(Get free report)
Shoals Technologies Group, Inc. provides electrical system balancing (EBOS) solutions and components for solar, battery power, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for homerun and combine-as-you-go wiring architectures, as well as provides technical support.
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