Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 4.5% – Should You Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price was up 4.5% during mid-day trading on Friday . The company traded as high as $4.55 and last traded at $4.50. Approximately 314,347 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 5,960,029 shares. The stock had previously closed at $4.31.

Analyst Ratings Changes

A number of research analysts have issued reports on SHLS shares. Jefferies Financial Group reduced their price objective on Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating for the company in a research note on Wednesday, March 12th. BNP Paribas Exane downgraded Shoals Technologies Group from a “neutral” rating to an “underperform” rating and set a $4.00 price target for the company. in a research note on Thursday, May 15th. BNP Paribas reiterated an “underperform” rating and set a $4.00 price target (down previously from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. Guggenheim increased their price target on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Finally, Piper Sandler cut their price target on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.40.

Shoals Technologies Group Price Performance

The business has a fifty day moving average of $3.97 and a 200-day moving average of $4.31. The firm has a market cap of $799.10 million, a PE ratio of 23.90, a PEG ratio of 0.52 and a beta of 1.52. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The company had revenue of $80.36 million for the quarter, compared to analysts’ expectations of $74.66 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s revenue for the quarter was down 11.2% on a year-over-year basis. During the same period last year, the company posted $0.07 EPS. As a group, research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the sale, the chief executive officer now owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This trade represents a 2.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 40,575 shares of company stock valued at $123,957. Corporate insiders own 1.67% of the company’s stock.

Institutional Trading of Shoals Technologies Group

A number of large investors have recently modified their holdings of the business. Wellington Management Group LLP boosted its position in shares of Shoals Technologies Group by 51.9% during the 1st quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company’s stock valued at $71,765,000 after acquiring an additional 7,382,548 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Shoals Technologies Group by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock valued at $94,915,000 after acquiring an additional 576,736 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Shoals Technologies Group by 5.8% during the 1st quarter. Invesco Ltd. now owns 6,791,182 shares of the company’s stock valued at $22,547,000 after buying an additional 375,271 shares in the last quarter. Encompass Capital Advisors LLC raised its holdings in shares of Shoals Technologies Group by 14.5% during the 4th quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company’s stock valued at $29,919,000 after buying an additional 683,642 shares in the last quarter. Finally, Erste Asset Management GmbH raised its holdings in shares of Shoals Technologies Group by 7.6% during the 1st quarter. Erste Asset Management GmbH now owns 3,867,306 shares of the company’s stock valued at $12,802,000 after buying an additional 273,500 shares in the last quarter.

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.