Citigroup Lowers Shoals Technologies Group (NASDAQ:SHLS) to Sell

Citigroup lowered shares of Shoals Technologies Group (NASDAQ:SHLS) from a buy rating to a sell rating in a report published on Tuesday, Marketbeat.com reports. They currently have $5.00 target price on the stock, down from their prior target price of $15.00.

A number of other research analysts also recently issued reports on the company. TD Cowen cut their price target on Shoals Technologies Group from $15.00 to $11.00 and set a buy rating on the stock in a report on Wednesday, May 8th. Roth Mkm lowered Shoals Technologies Group from a buy rating to a neutral rating and decreased their price objective for the company from $15.00 to $8.00 in a report on Wednesday, May 8th. Roth Capital downgraded Shoals Technologies Group from a buy rating to a neutral rating in a research note on Tuesday, May 7th. Mizuho decreased their price target on Shoals Technologies Group from $16.00 to $13.00 and set a buy rating for the company in a research note on Wednesday, May 8th. Finally, Piper Sandler dropped their price target on Shoals Technologies Group from $14.00 to $11.00 and set an overweight rating on the stock in a research note on Wednesday, May 8th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Shoals Technologies Group has an average rating of Hold and a consensus price target of $16.06.

Shoals Technologies Group Trading Down 1.3 %

SHLS opened at $5.95 on Tuesday. Shoals Technologies Group has a one year low of $5.69 and a one year high of $28.34. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.87 and a current ratio of 2.62. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 33.06 and a beta of 1.76. The stock’s 50 day moving average price is $7.20 and its 200-day moving average price is $11.01.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $90.81 million for the quarter, compared to analysts’ expectations of $94.44 million. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. On average, equities analysts forecast that Shoals Technologies Group will post 0.44 EPS for the current year.

Institutional Trading of Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of SHLS. PNC Financial Services Group Inc. increased its position in shares of Shoals Technologies Group by 49.8% during the third quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock worth $186,000 after purchasing an additional 3,394 shares in the last quarter. Glenmede Trust Co. NA acquired a new stake in shares of Shoals Technologies Group in the third quarter valued at about $206,000. Advisors Asset Management Inc. lifted its stake in shares of Shoals Technologies Group by 5.3% in the third quarter. Advisors Asset Management Inc. now owns 18,490 shares of the company’s stock worth $337,000 after buying an additional 929 shares in the last quarter. Kennedy Capital Management LLC acquired a new position in Shoals Technologies Group during the third quarter worth about $889,000. Finally, JPMorgan Chase & Co. boosted its position in Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after acquiring an additional 1,402,419 shares during the last quarter.

About Shoals Technologies Group

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.