Shoals Technologies Group (NASDAQ:SHLS) Share Price Breaks Below Two Hundred Day Moving Average – What’s Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares passed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $8.46 and traded as low as $7.97. Shoals Technologies Group shares last traded at $8.13, with a volume of 6,965,718 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wall Street Zen cut Shoals Technologies Group from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. JPMorgan Chase & Co. cut their target price on Shoals Technologies Group from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Barclays boosted their target price on shares of Shoals Technologies Group from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Thursday, October 8th. Citigroup restated a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, July 22nd. Finally, Jefferies Financial Group lowered their price objective on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, October 14th. Twelve analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group presently has a consensus rating of “Moderate Buy” and an average target price of $10.94.

Shoals Technologies Group Trading Down 8.3%

The firm’s 50 day moving average price is $7.83 and its 200 day moving average price is $8.46. The stock has a market capitalization of $1.36 billion, a P/E ratio of 35.09, a P/E/G ratio of 0.96 and a beta of 1.86. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.45 and a quick ratio of 1.39.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. Shoals Technologies Group had a return on equity of 10.23% and a net margin of 5.84%. The firm had revenue of $195.31 million during the quarter, compared to analyst estimates of $161.78 million. During the same quarter in the previous year, the firm earned $0.12 EPS. Shoals Technologies Group’s quarterly revenue was up 43.8% compared to the same quarter last year. As a group, equities research analysts expect that Shoals Technologies Group, Inc. will post 0.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Large investors have recently modified their holdings of the business. First Trust Advisors LP raised its stake in Shoals Technologies Group by 642.6% during the third quarter. First Trust Advisors LP now owns 9,653,132 shares of the company’s stock worth $78,190,000 after purchasing an additional 8,353,238 shares during the period. Dimensional Fund Advisors LP boosted its stake in Shoals Technologies Group by 31.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,268,794 shares of the company’s stock worth $28,083,000 after buying an additional 1,016,987 shares during the period. Handelsbanken Fonder AB raised its stake in shares of Shoals Technologies Group by 31.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company’s stock valued at $37,293,000 after acquiring an additional 912,093 shares during the period. Voya Investment Management LLC boosted its position in shares of Shoals Technologies Group by 100.9% during the 3rd quarter. Voya Investment Management LLC now owns 3,270,715 shares of the company’s stock worth $26,493,000 after purchasing an additional 1,642,891 shares during the period. Finally, Redwood Grove Capital LLC raised its position in Shoals Technologies Group by 20.2% in the first quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company’s stock valued at $19,986,000 after purchasing an additional 511,000 shares during the period.

About Shoals Technologies Group

Shoals Technologies Group designs and supplies electrical balance-of-system (EBOS) solutions used in solar energy projects. Founded in 1996, the company develops equipment and systems that connect solar panels to the electrical grid. Its products include cable assemblies and wiring harnesses, combiner and junction boxes, disconnects, and other components used to collect and manage electricity generated by solar panels. Shoals also offers pre-engineered, plug-and-play solutions intended to simplify installation and maintenance.