Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) rose 3.9% on Friday . The company traded as high as $24.81 and last traded at $24.40. Approximately 888,921 shares traded hands during mid-day trading, a decrease of 72% from the average daily volume of 3,182,716 shares. The stock had previously closed at $23.49.
Analyst Upgrades and Downgrades
SHLS has been the topic of several recent research reports. Cantor Fitzgerald reduced their price objective on Shoals Technologies Group from $30.00 to $27.00 in a research report on Tuesday, May 9th. Morgan Stanley reduced their price objective on Shoals Technologies Group from $32.00 to $29.00 and set an “equal weight” rating for the company in a research report on Monday, April 3rd. The Goldman Sachs Group upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and upped their price target for the stock from $20.00 to $22.00 in a research report on Thursday, March 30th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $29.00 price objective on shares of Shoals Technologies Group in a research note on Monday, March 6th. Finally, Truist Financial raised their price objective on Shoals Technologies Group from $32.00 to $35.00 in a research note on Tuesday, May 9th. One equity research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.34.
Shoals Technologies Group Price Performance
The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.69 and a current ratio of 2.83. The stock has a 50 day simple moving average of $21.76 and a two hundred day simple moving average of $24.31. The firm has a market cap of $4.01 billion, a PE ratio of 25.95 and a beta of 2.10.
Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last released its quarterly earnings data on Tuesday, February 28th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.06. The firm had revenue of $94.65 million for the quarter, compared to analysts’ expectations of $86.29 million. Shoals Technologies Group had a return on equity of 29.36% and a net margin of 38.26%. Sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.49 earnings per share for the current year.
Insider Buying and Selling at Shoals Technologies Group
In other Shoals Technologies Group news, President Jeffery Tolnar sold 3,575 shares of the stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $19.73, for a total value of $70,534.75. Following the completion of the transaction, the president now directly owns 66,044 shares of the company’s stock, valued at $1,303,048.12. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, President Jeffery Tolnar sold 3,575 shares of the firm’s stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $19.73, for a total transaction of $70,534.75. Following the sale, the president now owns 66,044 shares in the company, valued at $1,303,048.12. The sale was disclosed in a document filed with the SEC, which can be accessed via this hyperlink. Also, CEO Jason R. Whitaker sold 3,008 shares of Shoals Technologies Group stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $24.59, for a total transaction of $73,966.72. Following the transaction, the chief executive officer now owns 461,964 shares in the company, valued at approximately $11,359,694.76. The disclosure for this sale can be found here. Insiders sold 24,695,143 shares of company stock worth $598,266,559 over the last 90 days. Corporate insiders own 1.67% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. TFC Financial Management Inc. lifted its position in Shoals Technologies Group by 511.6% in the 4th quarter. TFC Financial Management Inc. now owns 1,315 shares of the company’s stock worth $32,000 after buying an additional 1,100 shares in the last quarter. MetLife Investment Management LLC acquired a new position in shares of Shoals Technologies Group during the first quarter valued at $36,000. Toroso Investments LLC acquired a new position in Shoals Technologies Group in the third quarter valued at about $44,000. Captrust Financial Advisors raised its position in shares of Shoals Technologies Group by 89.8% during the first quarter. Captrust Financial Advisors now owns 3,162 shares of the company’s stock worth $54,000 after purchasing an additional 1,496 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab AS bought a new position in shares of Shoals Technologies Group during the first quarter worth about $59,000. 81.94% of the stock is owned by institutional investors and hedge funds.
Shoals Technologies Group Company Profile
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Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices.
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