Shoals Technologies Group (NASDAQ:SHLS) Trading 7.2% Higher – Time to Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price shot up 7.2% on Thursday . The company traded as high as $5.99 and last traded at $5.93. 3,266,242 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 4,978,896 shares. The stock had previously closed at $5.53.

Wall Street Analysts Forecast Growth

SHLS has been the topic of several research reports. Guggenheim reduced their price objective 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. TD Cowen upped their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Wells Fargo & Company initiated coverage on Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target on the stock. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a research report on Tuesday, December 17th. Finally, Piper Sandler decreased their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group has a consensus rating of “Hold” and a consensus target price of $10.64.

Shoals Technologies Group Stock Performance

The firm has a 50 day simple moving average of $5.12 and a 200-day simple moving average of $5.60. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The company has a market cap of $988.53 million, a price-to-earnings ratio of 29.65, a PEG ratio of 0.64 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter last year, the business earned $0.16 earnings per share. The business’s revenue was down 23.8% compared to the same quarter last year. As a group, analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, for a total transaction 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 represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last three months, insiders have sold 6,460 shares of company stock worth $30,271. Corporate insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its holdings in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after acquiring an additional 1,906 shares during the period. Van ECK Associates Corp raised its holdings in shares of Shoals Technologies Group by 1.9% in the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after buying an additional 2,517 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Shoals Technologies Group by 3.8% during the second quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after buying an additional 3,699 shares during the last quarter. Point72 DIFC Ltd grew its holdings in shares of Shoals Technologies Group by 12.8% during the second quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock worth $341,000 after buying an additional 6,206 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in Shoals Technologies Group by 2.3% in the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock valued at $1,653,000 after acquiring an additional 6,503 shares during the period.

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.