Shoals Technologies Group (NASDAQ:SHLS) Shares Up 6.6% – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price traded up 6.6% during trading on Monday . The company traded as high as $3.41 and last traded at $3.35. 1,486,973 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 5,657,280 shares. The stock had previously closed at $3.14.

Wall Street Analysts Forecast Growth

SHLS has been the topic of several recent research reports. Oppenheimer decreased their target price 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. Truist Financial lowered their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. UBS Group cut their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Mizuho lowered their price target on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Finally, Jefferies Financial Group dropped their price objective on shares of Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating for the company in a research note on Wednesday, March 12th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and a consensus target price of $8.87.

Shoals Technologies Group Price Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The firm has a market capitalization of $611.20 million, a PE ratio of 18.30, a P/E/G ratio of 0.52 and a beta of 1.54. The stock has a fifty day moving average price of $3.65 and a 200-day moving average price of $4.64.

Shoals Technologies Group (NASDAQ:SHLS) last announced its 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 firm had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. During the same quarter in the prior year, the firm posted $0.12 earnings per share. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year. Sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the sale, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have sold 40,575 shares of company stock valued at $123,957. 1.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SHLS. FMR LLC grew its stake 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 worth $33,000 after acquiring an additional 1,906 shares during the last quarter. Empirical Asset Management LLC acquired a new stake in Shoals Technologies Group in the 4th quarter worth approximately $59,000. American Trust purchased a new stake in Shoals Technologies Group during the 4th quarter worth approximately $72,000. 49 Wealth Management LLC acquired a new position in Shoals Technologies Group during the 4th quarter valued at approximately $74,000. Finally, State of Wyoming raised its holdings in shares of Shoals Technologies Group by 250.7% in the fourth quarter. State of Wyoming now owns 15,117 shares of the company’s stock worth $84,000 after buying an additional 10,806 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.