Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 3.3% – Time to Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price was down 3.3% during trading on Tuesday . The stock traded as low as $5.22 and last traded at $5.29. Approximately 478,599 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 4,969,931 shares. The stock had previously closed at $5.47.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Roth Mkm lowered their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Bank of America assumed coverage on shares of Shoals Technologies Group in a report on Monday, November 25th. They issued a “buy” rating and a $6.00 target price on the stock. Barclays dropped their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $10.64.

Shoals Technologies Group Trading Down 2.7 %

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 capitalization of $886.84 million, a PE ratio of 26.60, a P/E/G ratio of 0.64 and a beta of 1.69. The company has a 50 day simple moving average of $5.02 and a 200 day simple moving average of $5.66.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 EPS. Analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group 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 completion of the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 6,460 shares of company stock worth $30,271 in the last 90 days. 1.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Shoals Technologies Group by 104.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after acquiring an additional 69,193 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in shares of Shoals Technologies Group by 146.9% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after purchasing an additional 93,400 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after purchasing an additional 1,666,691 shares in the last quarter. Point72 Europe London LLP purchased a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $1,461,000. Finally, Handelsbanken Fonder AB raised its position in shares of Shoals Technologies Group by 34.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after purchasing an additional 690,344 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.