Shoals Technologies Group (NASDAQ:SHLS) Trading Down 3.3% – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares fell 3.3% during trading on Tuesday . The company traded as low as $5.22 and last traded at $5.29. 478,599 shares changed hands during trading, a decline of 90% from the average session volume of 4,969,931 shares. The stock had previously closed at $5.47.

Analysts Set New Price Targets

Several research analysts recently weighed in on SHLS shares. The Goldman Sachs Group cut their target price on shares of Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Royal Bank of Canada reissued an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Truist Financial lowered their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Bank of America assumed coverage on Shoals Technologies Group in a research note on Monday, November 25th. They set a “buy” rating and a $6.00 price target on the stock. Finally, Roth Mkm cut their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and an average price target of $10.64.

Shoals Technologies Group Price Performance

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 business’s 50-day moving average price is $5.02 and its two-hundred day moving average price is $5.66. The firm has a market cap of $886.84 million, a price-to-earnings ratio of 26.60, a P/E/G ratio of 0.64 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company 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%. Shoals Technologies Group’s revenue was down 23.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.16 earnings per share. On average, research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of the stock in a transaction on Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 6,460 shares of company stock worth $30,271 over the last quarter. 1.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors have recently modified their holdings of SHLS. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in Shoals Technologies Group by 104.1% in the second 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 period. Skandinaviska Enskilda Banken AB publ boosted its position in Shoals Technologies Group by 146.9% during the 2nd 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 period. Wellington Management Group LLP grew its stake in 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 buying an additional 1,666,691 shares during the last quarter. Point72 Europe London LLP acquired a new stake in Shoals Technologies Group in the third quarter worth $1,461,000. Finally, Handelsbanken Fonder AB lifted its stake in Shoals Technologies Group by 34.2% in the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after buying 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.