Shoals Technologies Group (NASDAQ:SHLS) Trading Up 7.2% – What’s Next?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) rose 7.2% during trading on Thursday . The stock traded as high as $5.99 and last traded at $5.93. Approximately 3,266,242 shares changed hands during trading, a decline of 34% from the average daily volume of 4,978,896 shares. The stock had previously closed at $5.53.

Analysts Set New Price Targets

Several analysts recently weighed in on SHLS shares. Roth Mkm lowered their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Truist Financial dropped their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Piper Sandler decreased their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Bank of America started coverage on shares of Shoals Technologies Group in a report on Monday, November 25th. They set a “buy” rating and a $6.00 target price on the stock. Finally, Barclays decreased their price target on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $10.64.

Shoals Technologies Group Stock Up 7.8 %

The stock has a market cap of $993.53 million, a P/E ratio of 29.80, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. The stock’s 50-day moving average is $5.08 and its 200-day moving average is $5.60. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. Shoals Technologies Group’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 EPS. As a group, research analysts anticipate 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 acquired 22,300 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the transaction, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 6,460 shares of company stock valued at $30,271 over the last 90 days. 1.67% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of SHLS. Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of Shoals Technologies Group by 146.9% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock worth $980,000 after buying an additional 93,400 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after purchasing an additional 1,666,691 shares in the last quarter. Point72 Europe London LLP acquired a new position in Shoals Technologies Group during the third quarter valued at $1,461,000. Handelsbanken Fonder AB boosted its position in Shoals Technologies Group by 34.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after acquiring an additional 690,344 shares during the period. Finally, Erste Asset Management GmbH purchased a new position in Shoals Technologies Group during the 3rd quarter valued at about $20,191,000.

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.