Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 6.6% – Should You Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares dropped 6.6% during trading on Friday . The company traded as low as $9.09 and last traded at $9.2140. Approximately 678,167 shares changed hands during trading, a decline of 87% from the average session volume of 5,232,047 shares. The stock had previously closed at $9.86.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wall Street Zen downgraded shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research note on Wednesday, May 6th. Weiss Ratings raised shares of Shoals Technologies Group from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. JPMorgan Chase & Co. 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 Wednesday, May 6th. Finally, Wells Fargo & Company lifted their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, June 11th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.79.

Shoals Technologies Group Price Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 45.00, a PEG ratio of 1.09 and a beta of 1.90. The stock’s 50 day simple moving average is $9.58 and its 200-day simple moving average is $8.68.

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

Insiders Place Their Bets

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 transaction, the insider directly owned 98,918 shares of the company’s stock, valued at $1,029,736.38. This represents a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $8.48, for a total value of $461,727.52. Following the transaction, the chief financial officer owned 394,979 shares in the company, valued at approximately $3,349,421.92. This trade represents a 12.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. KBC Group NV bought a new position in shares of Shoals Technologies Group in the 1st quarter valued at approximately $30,000. GAMMA Investing LLC boosted its position in Shoals Technologies Group by 57.7% during the fourth quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock worth $32,000 after purchasing an additional 1,375 shares during the period. USA Financial Formulas acquired a new position in Shoals Technologies Group during the fourth quarter valued at approximately $49,000. PNC Financial Services Group Inc. grew its holdings in Shoals Technologies Group by 378.0% during the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock valued at $50,000 after purchasing an additional 5,983 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Shoals Technologies Group in the first quarter valued at approximately $57,000.

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.