Shoals Technologies Group (NASDAQ:SHLS) Shares Up 6% – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares traded up 6% on Wednesday . The company traded as high as $4.42 and last traded at $4.40. 1,710,790 shares changed hands during trading, a decline of 66% from the average session volume of 4,980,587 shares. The stock had previously closed at $4.15.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Piper Sandler boosted their price target on Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Barclays reduced their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 13th. Guggenheim lowered their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday. Jefferies Financial Group began coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price target for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Three equities research 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $11.68.

Shoals Technologies Group Price Performance

The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average is $5.39 and its 200-day moving average is $6.09. The stock has a market cap of $786.59 million, a price-to-earnings ratio of 22.25, a price-to-earnings-growth ratio of 0.61 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter last year, the business earned $0.16 EPS. Shoals Technologies Group’s quarterly revenue was down 23.8% compared to the same quarter last year. Equities research analysts expect that Shoals Technologies Group, Inc. will post 0.28 earnings per share for the current fiscal year.

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 1.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SHLS. Price T Rowe Associates Inc. MD grew its stake in shares of Shoals Technologies Group by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after purchasing an additional 1,857 shares during the last quarter. FMR LLC lifted 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 valued at $33,000 after buying an additional 1,906 shares during the period. ProShare Advisors LLC boosted its stake in Shoals Technologies Group by 6.3% in the first quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock valued at $459,000 after acquiring an additional 2,427 shares during the last quarter. Van ECK Associates Corp grew its holdings in Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after acquiring an additional 2,517 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Shoals Technologies Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock valued at $637,000 after acquiring an additional 3,699 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.