Shoals Technologies Group (NASDAQ:SHLS) Trading 7.6% Higher – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price traded up 7.6% during mid-day trading on Monday . The stock traded as high as $3.50 and last traded at $3.56. 219,091 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 5,573,152 shares. The stock had previously closed at $3.31.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Truist Financial lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Oppenheimer lowered their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 28th. Piper Sandler cut their target price on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Roth Mkm lowered their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Finally, Royal Bank of Canada dropped their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.87.

Shoals Technologies Group Stock Up 3.0 %

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 firm has a market capitalization of $571.12 million, a P/E ratio of 17.10, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. The business has a 50 day moving average price of $3.94 and a 200 day moving average price of $4.86.

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

Insider Activity

In related news, CEO Brandon Moss sold 21,700 shares of the business’s 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 transaction, the chief executive officer now directly owns 1,051,303 shares in the company, valued at $3,227,500.21. The trade was a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders sold 40,575 shares of company stock valued at $123,957. Insiders own 0.36% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Shoals Technologies Group by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock worth $94,915,000 after purchasing an additional 576,736 shares during the period. Wellington Management Group LLP raised its stake in shares of Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock valued at $78,710,000 after buying an additional 1,125,938 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of 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 period. Invesco Ltd. boosted its position in shares of Shoals Technologies Group by 20.7% during the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after acquiring an additional 1,098,577 shares in the last quarter. Finally, Encompass Capital Advisors LLC boosted its position in shares of Shoals Technologies Group by 14.5% during the 4th quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company’s stock valued at $29,919,000 after acquiring an additional 683,642 shares in 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.