Shoals Technologies Group (NASDAQ:SHLS) Shares Up 4.1% – Here’s Why

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded up 4.1% during mid-day trading on Thursday . The company traded as high as $4.49 and last traded at $4.47. 845,859 shares traded hands during trading, a decline of 88% from the average session volume of 6,829,545 shares. The stock had previously closed at $4.29.

Analyst Ratings Changes

A number of research firms have issued reports on SHLS. TD Cowen lifted their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They set an “equal weight” rating and a $46.00 price target for the company. JPMorgan Chase & Co. lowered their target price on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Guggenheim reduced their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $9.93.

Shoals Technologies Group Stock Up 7.3 %

The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The stock has a market cap of $767.65 million, a P/E ratio of 23.03, a PEG ratio of 0.54 and a beta of 1.64. The company’s 50 day moving average price is $5.06 and its two-hundred day moving average price is $5.50.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 net margin of 7.78% and a return on equity of 9.83%. The company’s revenue was down 23.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 EPS. Equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss bought 22,300 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was bought 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 approximately $2,701,335. This represents a 3.90 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders sold 6,460 shares of company stock worth $30,271. 1.67% of the stock is owned by company insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors have recently modified their holdings of SHLS. Canada Pension Plan Investment Board lifted its stake in Shoals Technologies Group by 92.5% in the second quarter. Canada Pension Plan Investment Board now owns 100,300 shares of the company’s stock worth $626,000 after purchasing an additional 48,200 shares during the last quarter. Ensign Peak Advisors Inc increased its holdings in Shoals Technologies Group by 42.4% during the second quarter. Ensign Peak Advisors Inc now owns 82,623 shares of the company’s stock valued at $516,000 after buying an additional 24,600 shares during the period. Point72 DIFC Ltd lifted its stake in shares of Shoals Technologies Group by 12.8% during the 2nd quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock worth $341,000 after purchasing an additional 6,206 shares during the last quarter. AQR Capital Management LLC boosted its position in Shoals Technologies Group by 505.8% during the second quarter. AQR Capital Management LLC now owns 1,020,428 shares of the company’s stock valued at $6,367,000 after purchasing an additional 851,978 shares in the last quarter. Finally, Decade Renewable Partners LP grew its stake in Shoals Technologies Group by 7.8% in the second quarter. Decade Renewable Partners LP now owns 646,997 shares of the company’s stock valued at $4,037,000 after purchasing an additional 46,990 shares during 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.