Insider Buying: Shoals Technologies Group, Inc. (NASDAQ:SHLS) CEO Purchases 22,300 Shares of Stock

Shoals Technologies Group, Inc. (NASDAQ:SHLS) CEO Brandon Moss bought 22,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents 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 accessible through this link.

Shoals Technologies Group Price Performance

Shares of SHLS stock opened at $4.83 on Friday. The stock has a 50 day moving average price of $5.36 and a 200 day moving average price of $6.04. Shoals Technologies Group, Inc. has a 52-week low of $4.07 and a 52-week high of $17.50. 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 firm has a market capitalization of $805.16 million, a P/E ratio of 24.15, a P/E/G ratio of 0.64 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The business 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%. The firm’s revenue for the quarter was down 23.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.16 earnings per share. As a group, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on SHLS shares. Northland Securities decreased their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. Piper Sandler lowered 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. Morgan Stanley reduced their target price on Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Friday, November 15th. Citigroup upgraded 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. Finally, Roth Mkm decreased 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. Three analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $11.58.

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds have recently added to or reduced their stakes in SHLS. M&G Plc purchased a new stake in shares of Shoals Technologies Group in the second quarter valued at approximately $7,021,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of Shoals Technologies Group by 104.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock worth $846,000 after buying an additional 69,193 shares during the period. Swedbank AB bought a new position in shares of Shoals Technologies Group during the 1st quarter worth $25,268,000. Skandinaviska Enskilda Banken AB publ increased its stake in shares of Shoals Technologies Group by 146.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after buying an additional 93,400 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in shares of Shoals Technologies Group by 34.2% in the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after acquiring an additional 690,344 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.