Shoals Technologies Group (NASDAQ:SHLS) Trading Down 5.8% – Time to Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price fell 5.8% during trading on Wednesday . The company traded as low as $8.16 and last traded at $8.22. Approximately 2,262,373 shares traded hands during trading, a decline of 58% from the average daily volume of 5,389,258 shares. The stock had previously closed at $8.73.

Wall Street Analyst Weigh In

SHLS has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Wells Fargo & Company raised their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, June 11th. Wall Street Zen upgraded shares of Shoals Technologies Group from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Guggenheim reissued a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Finally, Roth Capital restated a “buy” rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Shoals Technologies Group has a consensus rating of “Moderate Buy” and an average target price of $10.71.

Shoals Technologies Group Trading Up 3.5%

The stock has a market capitalization of $1.41 billion, a PE ratio of 44.34, a PEG ratio of 1.03 and a beta of 1.93. The stock’s 50 day moving average price is $9.71 and its 200-day moving average price is $8.81. The company has a quick ratio of 1.12, a current ratio of 2.25 and a debt-to-equity ratio of 0.32.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.12 EPS for the quarter, beating 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 business had revenue of $163.37 million for the quarter, compared to the consensus estimate of $160.03 million. During the same period in the previous year, the business earned $0.10 earnings per share. The business’s revenue was up 47.4% on a year-over-year basis. On average, sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the transaction, the insider owned 98,918 shares in the company, valued at $1,029,736.38. This trade represents a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hussman Strategic Advisors Inc. lifted its stake in 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 purchasing an additional 147,000 shares during the last quarter. Telemark Asset Management LLC lifted its holdings in shares of Shoals Technologies Group by 50.0% in the 4th quarter. Telemark Asset Management LLC now owns 1,500,000 shares of the company’s stock worth $12,750,000 after buying an additional 500,000 shares during the period. Jupiter Asset Management Ltd. bought a new position in shares of Shoals Technologies Group during the 4th quarter worth $9,819,000. Pier Capital LLC purchased a new position in shares of Shoals Technologies Group during the fourth quarter valued at $3,624,000. Finally, Edgestream Partners L.P. bought a new stake in shares of Shoals Technologies Group in the first quarter valued at about $2,235,000.

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.