Shoals Technologies Group (NASDAQ:SHLS) Trading Down 7.5% on Disappointing Earnings

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded down 7.5% during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $5.17 and last traded at $5.34. 922,829 shares were traded during mid-day trading, a decline of 81% from the average session volume of 4,909,440 shares. The stock had previously closed at $5.77.

The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The business had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.81%. Shoals Technologies Group’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.16 EPS.

Analysts Set New Price Targets

Several research firms have weighed in on SHLS. Roth Capital cut Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. TD Cowen lifted their target price on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday. Truist Financial dropped their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Finally, UBS Group reduced their price objective on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Hold” and a consensus price target of $12.45.

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently modified their holdings of SHLS. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Shoals Technologies Group by 1.6% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 551,055 shares of the company’s stock valued at $3,091,000 after purchasing an additional 8,918 shares during the last quarter. FMR LLC raised its stake in shares of Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after acquiring an additional 1,906 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its stake in shares of Shoals Technologies Group by 10.5% in the third quarter. Dynamic Technology Lab Private Ltd now owns 120,670 shares of the company’s stock valued at $677,000 after acquiring an additional 11,441 shares during the last quarter. Algert Global LLC boosted its holdings in shares of Shoals Technologies Group by 124.3% in the 3rd quarter. Algert Global LLC now owns 202,811 shares of the company’s stock worth $1,138,000 after acquiring an additional 112,380 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in Shoals Technologies Group during the 3rd quarter worth approximately $255,000.

Shoals Technologies Group Price Performance

The stock has a fifty day moving average of $5.57 and a two-hundred day moving average of $6.24. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $839.92 million, a price-to-earnings ratio of 24.75, a PEG ratio of 0.71 and a beta of 1.73.

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.