Shoals Technologies Group (NASDAQ:SHLS) Trading 11.2% Higher – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price was up 11.2% during trading on Monday . The company traded as high as $9.66 and last traded at $9.6310. Approximately 1,600,199 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 2,994,365 shares. The stock had previously closed at $8.66.

Analysts Set New Price Targets

A number of analysts have issued reports on SHLS shares. The Goldman Sachs Group lifted their price objective on Shoals Technologies Group from $8.00 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. UBS Group boosted their price target on shares of Shoals Technologies Group from $9.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Morgan Stanley reiterated an “equal weight” rating and set a $9.50 price objective (down previously from $11.00) on shares of Shoals Technologies Group in a research report on Tuesday, December 16th. Needham & Company LLC initiated coverage on shares of Shoals Technologies Group in a report on Wednesday, October 22nd. They issued a “buy” rating and a $12.00 target price on the stock. Finally, Guggenheim increased their price target on shares of Shoals Technologies Group from $8.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $8.76.

Shoals Technologies Group Stock Performance

The firm has a market cap of $1.61 billion, a PE ratio of 48.10, a price-to-earnings-growth ratio of 0.73 and a beta of 1.70. The business has a 50 day simple moving average of $8.60 and a two-hundred day simple moving average of $7.56. The company has a quick ratio of 1.53, a current ratio of 2.19 and a debt-to-equity ratio of 0.21.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.12 EPS for the quarter, hitting analysts’ consensus estimates of $0.12. Shoals Technologies Group had a net margin of 7.66% and a return on equity of 8.50%. The firm had revenue of $135.80 million for the quarter, compared to analysts’ expectations of $131.37 million. As a group, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Dominic Bardos sold 4,170 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $7.83, for a total value of $32,651.10. Following the completion of the sale, the chief financial officer owned 412,289 shares in the company, valued at approximately $3,228,222.87. The trade was a 1.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its stake in shares of Shoals Technologies Group by 449.1% during the second quarter. Nisa Investment Advisors LLC now owns 7,226 shares of the company’s stock valued at $31,000 after buying an additional 5,910 shares during the period. GAMMA Investing LLC grew its holdings in Shoals Technologies Group by 57.7% during the 4th quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock worth $32,000 after acquiring an additional 1,375 shares in the last quarter. Savant Capital LLC purchased a new position in Shoals Technologies Group during the 2nd quarter valued at about $50,000. Ethic Inc. purchased a new position in Shoals Technologies Group during the 2nd quarter valued at about $54,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at about $54,000.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.