Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 4.4% – Time to Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares fell 4.4% during mid-day trading on Tuesday . The company traded as low as $3.10 and last traded at $3.18. 758,054 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 5,639,066 shares. The stock had previously closed at $3.32.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Piper Sandler decreased their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Oppenheimer decreased their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 28th. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a research note on Tuesday, December 17th. Wolfe Research began coverage on Shoals Technologies Group in a research report on Tuesday, February 18th. They set a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. dropped their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. 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 stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $8.87.

Shoals Technologies Group Stock Down 1.7 %

The firm has a fifty day moving average price of $3.84 and a 200-day moving average price of $4.78. 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 firm has a market cap of $545.24 million, a price-to-earnings ratio of 16.28, a PEG ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly 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 last year, the company posted $0.12 EPS. The business’s revenue for the quarter was down 17.9% on a year-over-year basis. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction on 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 approximately $3,227,500.21. The trade was a 2.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 40,575 shares of company stock worth $123,957 over the last three months. 1.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Intech Investment Management LLC purchased a new position in Shoals Technologies Group in the 3rd quarter worth approximately $255,000. FMR LLC boosted its stake in shares of 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 purchasing an additional 1,906 shares during the period. Janus Henderson Group PLC grew its holdings in Shoals Technologies Group by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock valued at $1,653,000 after purchasing an additional 6,503 shares in the last quarter. Maven Securities LTD acquired a new stake in Shoals Technologies Group during the 3rd quarter valued at $252,000. Finally, Point72 Asset Management L.P. lifted its holdings in Shoals Technologies Group by 460.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after buying an additional 5,622,207 shares in 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.