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

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price shot up 7.6% during mid-day trading on Monday . The stock traded as high as $3.50 and last traded at $3.56. 219,091 shares changed hands during 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 Analyst Weigh In

A number of research firms recently weighed in on SHLS. The Goldman Sachs Group cut 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 report on Wednesday, February 26th. Truist Financial cut 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 report on Thursday, January 16th. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a report on Tuesday, December 17th. Barclays dropped their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Finally, Bank of America initiated coverage on shares of Shoals Technologies Group in a research note on Monday, November 25th. They set a “buy” rating and a $6.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $8.87.

Shoals Technologies Group Price Performance

The firm has a market capitalization of $572.79 million, a P/E ratio of 17.15, a P/E/G ratio of 0.52 and a beta of 1.69. 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 stock’s fifty day simple moving average is $4.03 and its 200 day simple moving average is $4.89.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The firm had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 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 17.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.12 earnings per share. On average, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Brandon Moss sold 21,700 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the transaction, the chief executive officer now owns 1,051,303 shares in the company, valued at $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

A number of large investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in Shoals Technologies Group by 8.6% in the fourth quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock valued at $78,710,000 after buying an additional 1,125,938 shares during the last quarter. American Trust acquired a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $72,000. 49 Wealth Management LLC acquired a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $74,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Shoals Technologies Group by 13.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 478,524 shares of the company’s stock worth $2,646,000 after buying an additional 56,176 shares during the period. Finally, Two Sigma Investments LP raised its stake in shares of Shoals Technologies Group by 40.6% during the 4th quarter. Two Sigma Investments LP now owns 657,589 shares of the company’s stock worth $3,636,000 after buying an additional 189,754 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.