Shoals Technologies Group (NASDAQ:SHLS) Trading Down 4.4% – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares dropped 4.4% during trading on Tuesday . The company traded as low as $3.10 and last traded at $3.18. Approximately 758,054 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 5,639,066 shares. The stock had previously closed at $3.32.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SHLS shares. Royal Bank of Canada reduced their price objective on Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. UBS Group reduced their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. 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. Morgan Stanley upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a research report on Tuesday, December 17th. Finally, Oppenheimer decreased their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. 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 stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $8.87.

Shoals Technologies Group Price Performance

The stock has a market capitalization of $544.40 million, a P/E ratio of 16.30, a PEG ratio of 0.52 and a beta of 1.69. 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 business has a fifty day simple moving average of $3.79 and a 200-day simple moving average of $4.75.

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

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the 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 transaction, the chief executive officer now directly owns 1,051,303 shares in the company, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 40,575 shares of company stock valued at $123,957 in the last three months. Corporate insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its position in shares of Shoals Technologies Group by 8.6% during the fourth quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock worth $78,710,000 after acquiring an additional 1,125,938 shares in the last quarter. American Trust bought a new stake in Shoals Technologies Group during the 4th quarter worth approximately $72,000. 49 Wealth Management LLC purchased a new stake in shares of Shoals Technologies Group in the fourth quarter worth approximately $74,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Shoals Technologies Group by 13.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 478,524 shares of the company’s stock worth $2,646,000 after purchasing an additional 56,176 shares during the last quarter. Finally, Two Sigma Investments LP lifted its holdings in shares of Shoals Technologies Group by 40.6% in the fourth quarter. Two Sigma Investments LP now owns 657,589 shares of the company’s stock valued at $3,636,000 after purchasing an additional 189,754 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.