Shoals Technologies Group (NASDAQ:SHLS) Trading Up 9.3% – Should You Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price traded up 9.3% on Friday . The company traded as high as $4.96 and last traded at $4.96. 2,422,866 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 4,954,696 shares. The stock had previously closed at $4.54.

Wall Street Analyst Weigh In

SHLS has been the subject of a number of recent research reports. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their price target for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. Wells Fargo & Company began coverage on Shoals Technologies Group in a research report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target on the stock. Bank of America assumed coverage on Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 price objective for the company. Guggenheim dropped their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.64.

Shoals Technologies Group Price Performance

The firm has a 50-day simple moving average of $5.01 and a 200-day simple moving average of $5.70. The firm has a market capitalization of $845.16 million, a PE ratio of 25.35, a PEG ratio of 0.64 and a beta of 1.69. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter last year, the firm posted $0.16 earnings per share. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. As a group, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction dated Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 6,460 shares of company stock worth $30,271 in the last three months. Corporate insiders own 0.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SHLS. SG Americas Securities LLC grew its position in shares of Shoals Technologies Group by 169.4% during the second quarter. SG Americas Securities LLC now owns 36,993 shares of the company’s stock worth $231,000 after purchasing an additional 23,260 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Shoals Technologies Group by 48.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 155,469 shares of the company’s stock valued at $970,000 after buying an additional 51,058 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Shoals Technologies Group by 104.1% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after buying an additional 69,193 shares during the last quarter. Versor Investments LP purchased a new position in shares of Shoals Technologies Group in the second quarter worth $80,000. Finally, Rhumbline Advisers boosted its position in shares of Shoals Technologies Group by 9.2% during the second quarter. Rhumbline Advisers now owns 318,700 shares of the company’s stock worth $1,989,000 after acquiring an additional 26,973 shares during the last quarter.

Shoals Technologies Group Company Profile

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.