Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 5.3% on Analyst Downgrade

Posted by Defense World Staff on Oct 5th, 2023

Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Free Report)’s stock price was down 5.3% on Wednesday after Truist Financial lowered their price target on the stock from $30.00 to $25.00. Truist Financial currently has a buy rating on the stock. Shoals Technologies Group traded as low as $15.47 and last traded at $15.60. 758,230 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 2,750,200 shares. The stock had previously closed at $16.47.

A number of other equities research analysts have also recently issued reports on SHLS. Barclays boosted their target price on shares of Shoals Technologies Group from $19.00 to $20.00 and gave the company an “underweight” rating in a research report on Friday, August 4th. Oppenheimer restated an “outperform” rating and set a $42.00 price target on shares of Shoals Technologies Group in a report on Wednesday, August 2nd. Cantor Fitzgerald upgraded Shoals Technologies Group from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $27.00 to $28.00 in a research note on Tuesday, September 5th. Morgan Stanley decreased their price objective on Shoals Technologies Group from $28.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, September 6th. Finally, JPMorgan Chase & Co. lifted their price target on Shoals Technologies Group from $35.00 to $38.00 in a research report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $29.62.

View Our Latest Report on SHLS

Insider Buying and Selling

In other Shoals Technologies Group news, President Jeffery Tolnar sold 1,975 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $21.66, for a total transaction of $42,778.50. Following the transaction, the president now directly owns 62,654 shares in the company, valued at approximately $1,357,085.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, General Counsel Mehgan Peetz sold 1,990 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $21.58, for a total transaction of $42,944.20. Following the transaction, the general counsel now directly owns 81,385 shares in the company, valued at approximately $1,756,288.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Jeffery Tolnar sold 1,975 shares of Shoals Technologies Group stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $21.66, for a total value of $42,778.50. Following the sale, the president now directly owns 62,654 shares of the company’s stock, valued at approximately $1,357,085.64. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

Institutional Trading of Shoals Technologies Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its holdings in shares of Shoals Technologies Group by 73.5% in the 2nd quarter. IFP Advisors Inc now owns 1,223 shares of the company’s stock valued at $38,000 after buying an additional 518 shares during the period. Toroso Investments LLC purchased a new stake in Shoals Technologies Group during the 3rd quarter worth approximately $44,000. TFC Financial Management Inc. increased its stake in Shoals Technologies Group by 56.8% during the 1st quarter. TFC Financial Management Inc. now owns 2,062 shares of the company’s stock worth $47,000 after buying an additional 747 shares in the last quarter. MetLife Investment Management LLC purchased a new stake in Shoals Technologies Group during the 1st quarter worth approximately $36,000. Finally, Headlands Technologies LLC purchased a new stake in Shoals Technologies Group during the 2nd quarter worth approximately $57,000.

Shoals Technologies Group Trading Up 0.9 %

The company has a 50 day simple moving average of $20.83 and a 200 day simple moving average of $22.49. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.71 and a current ratio of 2.59. The company has a market capitalization of $2.82 billion, a PE ratio of 16.96 and a beta of 2.08.

Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last posted its quarterly earnings results on Tuesday, August 1st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.11 by $0.01. Shoals Technologies Group had a return on equity of 21.69% and a net margin of 37.53%. The firm had revenue of $119.21 million during the quarter, compared to analysts’ expectations of $111.94 million. Analysts anticipate that Shoals Technologies Group, Inc. will post 0.5 earnings per share for the current year.

Shoals Technologies Group Company Profile

(Get Free Report)

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle charging applications in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, and wire management solutions.