Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 4.1% – Time to Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price was up 4.1% during trading on Thursday . The stock traded as high as $4.49 and last traded at $4.47. Approximately 845,859 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 6,829,545 shares. The stock had previously closed at $4.29.

Wall Street Analysts Forecast Growth

SHLS has been the topic of several analyst reports. Piper Sandler lowered their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Barclays decreased their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Bank of America assumed coverage on shares of Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 target price for the company. Truist Financial decreased their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Finally, Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $9.58.

Shoals Technologies Group Stock Up 1.3 %

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The stock has a market cap of $788.49 million, a price-to-earnings ratio of 23.65, a price-to-earnings-growth ratio of 0.50 and a beta of 1.64. The firm has a 50 day simple moving average of $5.05 and a two-hundred day simple moving average of $5.48.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same period in the previous year, the business earned $0.16 EPS. The firm’s revenue was down 23.8% compared to the same quarter last year. As a group, sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were acquired at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 6,460 shares of company stock worth $30,271 in the last quarter. Corporate insiders own 1.67% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Several hedge funds have recently bought and sold shares of SHLS. Wellington Management Group LLP boosted its holdings in shares of Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after buying an additional 1,666,691 shares during the period. Point72 Asset Management L.P. lifted its position in Shoals Technologies Group by 460.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after acquiring an additional 5,622,207 shares in the last quarter. Franklin Resources Inc. boosted its stake in Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after purchasing an additional 658,617 shares during the period. Erste Asset Management GmbH bought a new position in Shoals Technologies Group during the 3rd quarter worth about $20,191,000. Finally, Millennium Management LLC raised its stake in shares of Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after purchasing an additional 2,442,227 shares during the period.

Shoals Technologies Group Company Profile

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.