Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 7.8% – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares fell 7.8% during trading on Thursday . The company traded as low as $7.29 and last traded at $7.33. Approximately 1,621,731 shares were traded during mid-day trading, a decline of 70% from the average session volume of 5,326,837 shares. The stock had previously closed at $7.95.

Analyst Upgrades and Downgrades

SHLS has been the subject of a number of research reports. Barclays increased their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. The Goldman Sachs Group upped their target price on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Weiss Ratings upgraded shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 4th. Roth Capital restated a “buy” rating on shares of Shoals Technologies Group in a report on Thursday, July 2nd. Finally, Wells Fargo & Company boosted their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 11th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $10.71.

Shoals Technologies Group Trading Down 9.4%

The firm has a market capitalization of $1.21 billion, a PE ratio of 37.90, a P/E/G ratio of 0.95 and a beta of 1.93. The firm has a 50 day simple moving average of $9.55 and a 200 day simple moving average of $8.77. The company has a current ratio of 2.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.32.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.02. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%.The firm had revenue of $163.37 million during the quarter, compared to analysts’ expectations of $160.03 million. During the same quarter in the previous year, the business earned $0.10 earnings per share. The company’s revenue was up 47.4% on a year-over-year basis. Equities analysts expect that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the sale, the insider owned 98,918 shares of the company’s stock, valued at $1,029,736.38. This trade represents a 9.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHLS. KBC Group NV purchased a new stake in Shoals Technologies Group during the 1st quarter valued at $30,000. PNC Financial Services Group Inc. boosted its stake in shares of Shoals Technologies Group by 378.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after buying an additional 5,983 shares during the last quarter. CIBC Asset Management Inc bought a new stake in shares of Shoals Technologies Group in the fourth quarter worth $85,000. Miller Howard Investments Inc. NY purchased a new stake in Shoals Technologies Group during the first quarter valued at $70,000. Finally, Fifth Third Bancorp purchased a new stake in Shoals Technologies Group during the first quarter valued at $71,000.

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.