Shoals Technologies Group (NASDAQ:SHLS) Shares Down 3.3% – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price dropped 3.3% on Friday . The company traded as low as $5.85 and last traded at $5.85. Approximately 948,919 shares changed hands during trading, a decline of 68% from the average daily volume of 2,981,007 shares. The stock had previously closed at $6.05.

Analysts Set New Price Targets

SHLS has been the subject of several analyst reports. Piper Sandler lowered their target price 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. Guggenheim reduced their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. TD Cowen raised their price objective on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Bank of America began coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 price target for the company. Finally, Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a research report on Tuesday, December 17th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Shoals Technologies Group has a consensus rating of “Hold” and a consensus price target of $10.64.

Shoals Technologies Group Stock Down 2.1 %

The firm’s 50 day moving average is $5.10 and its two-hundred day moving average is $5.60. The stock has a market cap of $986.86 million, a price-to-earnings ratio of 29.60, a P/E/G ratio of 0.64 and a beta of 1.69. 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 released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analysts’ expectations 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 was down 23.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.16 EPS. On average, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Brandon Moss bought 22,300 shares of the stock in a transaction on Thursday, November 21st. The shares were purchased at an average price of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 6,460 shares of company stock valued at $30,271 in the last quarter. Insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHLS. FMR LLC increased its holdings in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after buying an additional 1,906 shares during the last quarter. Mackenzie Financial Corp bought a new position in Shoals Technologies Group during the second quarter valued at about $64,000. TrinityPoint Wealth LLC bought a new position in Shoals Technologies Group in the third quarter worth $60,000. American Trust bought a new position in Shoals Technologies Group during the second quarter worth about $68,000. Finally, Versor Investments LP bought a new position in shares of Shoals Technologies Group during the second quarter valued at $80,000.

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.