Shoals Technologies Group (NASDAQ:SHLS) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Shoals Technologies Group (NASDAQ:SHLS) from a buy rating to a hold rating in a report released on Saturday morning.

A number of other brokerages also recently commented on SHLS. Morgan Stanley lowered their price objective on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a research report on Wednesday, February 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Shoals Technologies Group in a report on Friday, January 9th. Barclays reduced their price objective on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. The Goldman Sachs Group reiterated a “buy” rating on shares of Shoals Technologies Group in a research note on Monday, February 9th. Finally, Zacks Research lowered Shoals Technologies Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.71.

Shoals Technologies Group Trading Up 0.5%

NASDAQ SHLS opened at $5.96 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 2.03. The firm has a market cap of $997.63 million, a price-to-earnings ratio of 29.80, a PEG ratio of 0.55 and a beta of 1.70. The firm has a 50 day simple moving average of $9.21 and a 200-day simple moving average of $8.57. Shoals Technologies Group has a one year low of $2.71 and a one year high of $11.36.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.04). Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. The company had revenue of $148.33 million during the quarter, compared to analyst estimates of $144.52 million. During the same quarter in the previous year, the business posted $0.08 earnings per share. The firm’s revenue was up 38.6% on a year-over-year basis. Equities research analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Dominic Bardos sold 4,170 shares of the business’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $7.83, for a total value of $32,651.10. Following the completion of the sale, the chief financial officer directly owned 412,289 shares of the company’s stock, valued at $3,228,222.87. The trade was a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.67% of the stock is owned by corporate insiders.

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in Shoals Technologies Group by 57.7% during the 4th quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock worth $32,000 after buying an additional 1,375 shares during the last quarter. USA Financial Formulas purchased a new position in shares of Shoals Technologies Group during the fourth quarter worth approximately $49,000. Nisa Investment Advisors LLC grew its position in shares of Shoals Technologies Group by 449.1% during the second quarter. Nisa Investment Advisors LLC now owns 7,226 shares of the company’s stock worth $31,000 after acquiring an additional 5,910 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Shoals Technologies Group in the 3rd quarter valued at $54,000. Finally, CIBC Asset Management Inc acquired a new stake in Shoals Technologies Group during the 4th quarter worth $85,000.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.