Shoals Technologies Group (NASDAQ:SHLS) Shares Up 10.6% – Should You Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares were up 10.6% during mid-day trading on Tuesday . The stock traded as high as $10.39 and last traded at $10.3930. Approximately 430,423 shares changed hands during trading, a decline of 92% from the average session volume of 5,266,726 shares. The stock had previously closed at $9.40.

Analyst Ratings Changes

Several research firms have issued reports on SHLS. Wells Fargo & Company upped their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, June 11th. Roth Capital reissued a “buy” rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. JPMorgan Chase & Co. boosted their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Guggenheim reiterated a “buy” rating on shares of Shoals Technologies Group in a research note on Friday, May 22nd. Finally, Citigroup boosted their target price on shares of Shoals Technologies Group from $8.50 to $9.50 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.31.

Shoals Technologies Group Stock Performance

The stock’s 50-day moving average is $10.12 and its 200-day moving average is $8.77. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 52.70, a PEG ratio of 1.22 and a beta of 1.90. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The firm had revenue of $140.56 million for the quarter, compared to analyst estimates of $129.16 million. The company’s quarterly revenue was up 74.4% compared to the same quarter last year. On average, analysts predict that Shoals Technologies Group, Inc. will post 0.34 EPS for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the sale, the insider directly owned 98,918 shares in the company, valued at approximately $1,029,736.38. The trade was a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $8.48, for a total transaction of $461,727.52. Following the completion of the transaction, the chief financial officer owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. This trade represents a 12.12% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. KBC Group NV bought a new position in Shoals Technologies Group during the 1st quarter worth approximately $30,000. GAMMA Investing LLC increased its position in shares of Shoals Technologies Group by 57.7% during the fourth quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock worth $32,000 after buying an additional 1,375 shares during the period. USA Financial Formulas acquired a new stake in shares of Shoals Technologies Group during the fourth quarter worth $49,000. PNC Financial Services Group Inc. raised its stake in Shoals Technologies Group by 378.0% during the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after buying an additional 5,983 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Shoals Technologies Group during the first quarter worth $57,000.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.