Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 9.8% – Time to Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded up 9.8% on Thursday . The stock traded as high as $10.42 and last traded at $10.3620. Approximately 2,771,456 shares were traded during trading, a decline of 47% from the average daily volume of 5,211,705 shares. The stock had previously closed at $9.44.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Weiss Ratings raised Shoals Technologies Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Citigroup raised their target price on shares of Shoals Technologies Group from $8.50 to $9.50 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Wells Fargo & Company boosted their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 11th. Guggenheim reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.71.

Shoals Technologies Group Stock Up 11.9%

The company has a fifty day moving average of $9.12 and a two-hundred day moving average of $8.57. The company has a market cap of $1.77 billion, a PE ratio of 52.87, a price-to-earnings-growth ratio of 1.21 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.07 and a current ratio of 1.84.

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

Insider Activity

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

Institutional Trading of Shoals Technologies Group

Several institutional investors have recently added to or reduced their stakes in SHLS. KBC Group NV purchased a new position in shares of Shoals Technologies Group during the first quarter valued at approximately $30,000. GAMMA Investing LLC raised its holdings in shares of Shoals Technologies Group by 57.7% in 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 purchased a new stake in shares of Shoals Technologies Group in the fourth quarter worth approximately $49,000. PNC Financial Services Group Inc. lifted its stake in shares of Shoals Technologies Group by 378.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after acquiring an additional 5,983 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Shoals Technologies Group during the 1st quarter worth approximately $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.