Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 3.7% Following Analyst Downgrade

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded down 3.7% on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $11.00 to $10.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Shoals Technologies Group traded as low as $4.46 and last traded at $4.45. 540,324 shares were traded during mid-day trading, a decline of 92% from the average session volume of 6,886,522 shares. The stock had previously closed at $4.62.

Other analysts also recently issued research reports about the company. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a research note on Tuesday, December 17th. Wells Fargo & Company assumed coverage on Shoals Technologies Group in a research note on Monday, October 14th. They issued an “equal weight” rating and a $46.00 target price on the stock. Barclays lowered their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Bank of America began coverage on Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 price target on the stock. Finally, TD Cowen increased their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $9.93.

Insiders Place Their Bets

In other news, CEO Brandon Moss acquired 22,300 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents a 3.90 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders sold a total of 6,460 shares of company stock valued at $30,271 over the last quarter. 1.67% of the stock is owned by insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors have recently modified their holdings of the company. FMR LLC boosted its holdings in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after purchasing an additional 1,906 shares during the period. Empirical Asset Management LLC purchased a new position in Shoals Technologies Group in the fourth quarter valued at $59,000. TrinityPoint Wealth LLC purchased a new position in Shoals Technologies Group in the third quarter valued at $60,000. Mackenzie Financial Corp purchased a new position in Shoals Technologies Group in the second quarter valued at $64,000. Finally, American Trust purchased a new position in Shoals Technologies Group in the second quarter valued at $68,000.

Shoals Technologies Group Stock Performance

The stock has a market capitalization of $778.49 million, a PE ratio of 23.35, a price-to-earnings-growth ratio of 0.54 and a beta of 1.64. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The stock has a fifty day moving average of $5.05 and a 200-day moving average of $5.49.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The business had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s quarterly revenue was down 23.8% on a year-over-year basis. During the same period last year, the firm earned $0.16 earnings per share. Equities analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

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.