Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 13.9% – Here’s What Happened

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) fell 13.9% on Friday . The company traded as low as $11.02 and last traded at $10.9950. 2,354,870 shares changed hands during trading, a decline of 55% from the average session volume of 5,182,993 shares. The stock had previously closed at $12.77.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SHLS. Wall Street Zen cut Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. UBS Group lifted their price objective on Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. Citigroup lifted their target price on Shoals Technologies Group from $8.50 to $9.50 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Jefferies Financial Group decreased their target price on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.64.

Shoals Technologies Group Stock Performance

The business’s fifty day moving average is $8.59 and its two-hundred day moving average is $8.46. The company has a quick ratio of 1.07, a current ratio of 1.84 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.81 billion, a PE ratio of 54.05, a price-to-earnings-growth ratio of 1.31 and a beta of 1.90.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. The firm had revenue of $140.56 million for the quarter, compared to the consensus estimate of $129.16 million. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The business’s quarterly revenue was up 74.4% on a year-over-year basis. As a group, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.34 EPS for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CFO Dominic Bardos sold 54,449 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the completion of the sale, the chief financial officer directly owned 394,979 shares in the company, valued at approximately $3,349,421.92. This represents a 12.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Mercuria Capital Strategies LLC acquired a new position in shares of Shoals Technologies Group in the third quarter valued at about $2,223,000. Hussman Strategic Advisors Inc. boosted its stake in shares of Shoals Technologies Group by 140.0% in the fourth quarter. Hussman Strategic Advisors Inc. now owns 252,000 shares of the company’s stock worth $2,142,000 after buying an additional 147,000 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Shoals Technologies Group by 148.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 414,545 shares of the company’s stock worth $3,524,000 after buying an additional 247,721 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Shoals Technologies Group by 17.8% in the third quarter. American Century Companies Inc. now owns 3,244,717 shares of the company’s stock worth $24,043,000 after buying an additional 490,451 shares during the last quarter. Finally, Erste Asset Management GmbH boosted its stake in shares of Shoals Technologies Group by 44.1% in the third quarter. Erste Asset Management GmbH now owns 4,516,372 shares of the company’s stock worth $33,873,000 after buying an additional 1,382,999 shares during the last quarter.

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.