Shoals Technologies Group (NASDAQ:SHLS) Shares Up 7.6% – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded up 7.6% during trading on Monday . The stock traded as high as $3.50 and last traded at $3.56. 219,091 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 5,573,152 shares. The stock had previously closed at $3.31.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Royal Bank of Canada reduced their price objective on Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. The Goldman Sachs Group reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Truist Financial reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Piper Sandler reduced their price objective on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Finally, Wolfe Research started coverage on Shoals Technologies Group in a research note on Tuesday, February 18th. They issued a “peer perform” rating for the company. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $8.87.

Shoals Technologies Group Stock Up 3.6 %

The firm has a 50 day moving average price of $4.03 and a 200-day moving average price of $4.89. 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 firm has a market cap of $572.79 million, a PE ratio of 17.15, a PEG ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 EPS. Research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its position in Shoals Technologies Group by 48.9% during 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 period. Empirical Asset Management LLC purchased a new stake in Shoals Technologies Group in the fourth quarter valued at approximately $59,000. American Trust purchased a new stake in Shoals Technologies Group in the fourth quarter valued at approximately $72,000. 49 Wealth Management LLC purchased a new stake in Shoals Technologies Group in the fourth quarter valued at approximately $74,000. Finally, State of Wyoming raised its stake in shares of Shoals Technologies Group by 250.7% during the fourth quarter. State of Wyoming now owns 15,117 shares of the company’s stock worth $84,000 after purchasing an additional 10,806 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.