Shoals Technologies Group (NASDAQ:SHLS) Shares Up 6.6% – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares rose 6.6% on Monday . The company traded as high as $3.41 and last traded at $3.35. Approximately 1,486,973 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 5,657,280 shares. The stock had previously closed at $3.14.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SHLS. The Goldman Sachs Group dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Oppenheimer dropped their target price on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, January 28th. Roth Mkm reduced their price target on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Truist Financial dropped their price objective 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. Finally, Royal Bank of Canada reduced their target price on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $8.87.

Shoals Technologies Group Stock Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The stock has a market capitalization of $564.44 million, a PE ratio of 16.90, a P/E/G ratio of 0.52 and a beta of 1.54. The firm’s 50 day moving average is $3.70 and its two-hundred day moving average is $4.67.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. During the same period in the previous year, the firm earned $0.12 earnings per share. The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Brandon Moss sold 21,700 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the sale, the chief executive officer now owns 1,051,303 shares in the company, valued at $3,227,500.21. The trade was a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 40,575 shares of company stock valued at $123,957 in the last ninety days. Insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its stake 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 acquiring an additional 1,125,938 shares in the last quarter. 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 position in shares of Shoals Technologies Group during the fourth quarter worth approximately $74,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Shoals Technologies Group by 13.3% during the fourth 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 last quarter. Finally, Two Sigma Investments LP lifted its position in 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 acquiring 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.