Shoals Technologies Group (NASDAQ:SHLS) Sets New 12-Month Low – Time to Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $3.74 and last traded at $3.99, with a volume of 214444 shares trading hands. The stock had previously closed at $4.48.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SHLS shares. JPMorgan Chase & Co. reduced their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. Guggenheim lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Wolfe Research started coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They issued a “peer perform” rating on the stock. Bank of America assumed coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 price objective for the company. Finally, Oppenheimer reduced their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and an average target price of $9.48.

Shoals Technologies Group Price Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The stock has a market capitalization of $709.30 million, a P/E ratio of 21.23, a P/E/G ratio of 0.52 and a beta of 1.62. The firm has a fifty day moving average of $4.92 and a two-hundred day moving average of $5.18.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC grew its holdings in shares of Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Shoals Technologies Group by 1.9% in the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after purchasing an additional 2,517 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Shoals Technologies Group by 20.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company’s stock worth $86,000 after purchasing an additional 2,652 shares during the last quarter. Maven Securities LTD lifted its holdings in shares of Shoals Technologies Group by 11.1% during the fourth quarter. Maven Securities LTD now owns 50,000 shares of the company’s stock worth $276,000 after purchasing an additional 5,000 shares during the period. Finally, Janus Henderson Group PLC boosted its position in Shoals Technologies Group by 2.3% in the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock valued at $1,653,000 after buying an additional 6,503 shares during the last quarter.

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.