Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 6.6% – Here’s Why

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SHLS shares. UBS Group decreased 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 Wednesday, February 26th. Royal Bank of Canada decreased their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Piper Sandler dropped their price objective on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Barclays lowered their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Finally, JPMorgan Chase & Co. cut their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.87.

Shoals Technologies Group Price Performance

The stock has a 50 day moving average of $3.70 and a 200-day moving average of $4.67. 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 company has a market cap of $564.44 million, a PE ratio of 16.90, a price-to-earnings-growth ratio of 0.52 and a beta of 1.54.

Shoals Technologies Group (NASDAQ:SHLS) last released 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). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. During the same period last year, the firm earned $0.12 EPS. The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. Equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the company’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 value of $66,619.00. Following the sale, the chief executive officer now owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This represents a 2.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold 40,575 shares of company stock worth $123,957 over the last three months. Company insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP grew its position in Shoals Technologies Group by 8.6% during 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 period. American Trust acquired a new stake in shares of Shoals Technologies Group during the 4th quarter valued at about $72,000. 49 Wealth Management LLC purchased a new position in shares of Shoals Technologies Group in the 4th quarter valued at about $74,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in 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 purchasing an additional 56,176 shares in the last quarter. Finally, Two Sigma Investments LP grew its holdings in Shoals Technologies Group by 40.6% in the fourth quarter. Two Sigma Investments LP now owns 657,589 shares of the company’s stock valued at $3,636,000 after purchasing 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.