Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 7.5% After Earnings Miss

Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded down 7.5% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $5.17 and last traded at $5.34. 922,829 shares were traded during 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 for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.81%. The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same quarter last year, the business earned $0.16 EPS. Shoals Technologies Group’s revenue for the quarter was down 23.8% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SHLS shares. Jefferies Financial Group initiated coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They set a “hold” rating and a $5.00 price objective on the stock. Roth Mkm reduced their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Oppenheimer lowered their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Roth Capital downgraded shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price objective for the company. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $12.45.

Institutional Investors Weigh In On Shoals Technologies Group

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

Shoals Technologies Group Price Performance

The firm has a market capitalization of $824.92 million, a P/E ratio of 24.75, a P/E/G ratio of 0.71 and a beta of 1.73. 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 business’s fifty day moving average is $5.57 and its 200 day moving average is $6.24.

Shoals Technologies Group Company Profile

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.