Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 7.6% – Should You Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price rose 7.6% on Monday . The stock traded as high as $3.50 and last traded at $3.56. Approximately 219,091 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 5,573,152 shares. The stock had previously closed at $3.31.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Royal Bank of Canada lowered their target price on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Barclays lowered their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Piper Sandler cut their target price on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a report on Tuesday, December 17th. Finally, Truist Financial dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $8.87.

Shoals Technologies Group Stock Up 3.0 %

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 company has a market cap of $571.12 million, a P/E ratio of 17.10, a P/E/G ratio of 0.52 and a beta of 1.69. The stock has a 50 day moving average price of $3.94 and a 200 day moving average price of $4.86.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing the consensus estimate 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 business had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. During the same quarter last year, the firm posted $0.12 earnings per share. Shoals Technologies Group’s revenue was down 17.9% compared to the same quarter last year. Research analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now directly owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. The trade was a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 40,575 shares of company stock worth $123,957. Insiders own 0.36% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

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