Insider Selling: Shoals Technologies Group, Inc. (NASDAQ:SHLS) CEO Sells $66,619.00 in Stock

Shoals Technologies Group, Inc. (NASDAQ:SHLS) CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now directly owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. The trade was a 2.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Shoals Technologies Group Price Performance

SHLS stock opened at $2.82 on Friday. The company has a 50 day simple moving average of $4.58 and a 200 day simple moving average of $5.05. The stock has a market cap of $470.09 million, a price-to-earnings ratio of 14.10, a P/E/G ratio of 0.52 and a beta of 1.69. Shoals Technologies Group, Inc. has a 1 year low of $2.77 and a 1 year high of $13.44. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. Shoals Technologies Group’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.12 earnings per share. Research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors have recently added to or reduced their stakes in SHLS. Point72 Asset Management L.P. grew its holdings in Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after acquiring an additional 5,622,207 shares during the last quarter. Erste Asset Management GmbH bought a new position in Shoals Technologies Group during the third quarter worth $20,191,000. Norges Bank bought a new position in Shoals Technologies Group during the fourth quarter worth $12,472,000. Verition Fund Management LLC raised its holdings in Shoals Technologies Group by 938.3% during the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after buying an additional 2,034,291 shares during the last quarter. Finally, Impax Asset Management Group plc raised its holdings in Shoals Technologies Group by 126.3% during the fourth quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company’s stock worth $19,083,000 after buying an additional 1,935,983 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Royal Bank of Canada cut their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. UBS Group cut their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Piper Sandler cut their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. TD Cowen boosted their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Shoals Technologies Group currently has an average rating of “Hold” and a consensus price target of $8.95.

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.