Roth Capital Downgrades Shoals Technologies Group (NASDAQ:SHLS) to Strong Sell

Shoals Technologies Group (NASDAQ:SHLS) was downgraded by equities research analysts at Roth Capital from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday, Zacks.com reports.

A number of other brokerages also recently commented on SHLS. Northland Securities cut their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research report on Thursday. Citigroup downgraded shares of Shoals Technologies Group from a “buy” rating to a “sell” rating and reduced their price objective for the company from $15.00 to $5.00 in a research report on Tuesday, July 2nd. Piper Sandler dropped their target price on Shoals Technologies Group from $11.00 to $8.00 and set an “overweight” rating on the stock in a research report on Wednesday. BNP Paribas cut Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $15.00 to $7.00 in a report on Wednesday. Finally, Barclays dropped their price objective on Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday. Four 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $11.76.

Shoals Technologies Group Stock Performance

SHLS stock traded down $0.17 during trading on Wednesday, hitting $5.12. The company had a trading volume of 9,246,900 shares, compared to its average volume of 4,936,422. The firm has a 50-day moving average price of $6.51 and a 200-day moving average price of $9.63. 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 firm has a market cap of $872.55 million, a PE ratio of 28.56 and a beta of 1.76. Shoals Technologies Group has a 1-year low of $4.88 and a 1-year high of $22.40.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.77% and a net margin of 5.13%. The company had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. During the same period last year, the business posted $0.12 EPS. The company’s revenue was down 16.7% on a year-over-year basis. On average, analysts expect that Shoals Technologies Group will post 0.44 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently modified their holdings of the business. William Blair Investment Management LLC raised its position in shares of Shoals Technologies Group by 71.6% during the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after purchasing an additional 4,263,964 shares during the last quarter. Joho Capital LLC lifted its position in shares of 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 acquiring an additional 3,387,539 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Shoals Technologies Group by 28.5% during 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 during the last quarter. Swedbank AB purchased a new stake in Shoals Technologies Group during the 1st quarter worth about $25,268,000. Finally, Norges Bank purchased a new stake in Shoals Technologies Group during the 4th quarter worth about $31,416,000.

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.