Shoals Technologies Group (NASDAQ:SHLS) Reaches New 12-Month High – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $11.52 and last traded at $11.2540, with a volume of 1122799 shares traded. The stock had previously closed at $10.82.

Wall Street Analyst Weigh In

SHLS has been the topic of a number of analyst reports. UBS Group lifted their price target on Shoals Technologies Group from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Jefferies Financial Group decreased their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Morgan Stanley reduced their target price on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating on the stock in a research note on Wednesday, February 25th. JPMorgan Chase & Co. boosted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Barclays reduced their target price on Shoals Technologies Group from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Shoals Technologies Group has an average rating of “Moderate Buy” and a consensus target price of $9.64.

Shoals Technologies Group Stock Performance

The company has a market capitalization of $2.03 billion, a PE ratio of 60.64, a PEG ratio of 1.20 and a beta of 1.74. The company has a 50 day moving average of $7.65 and a two-hundred day moving average of $8.27. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share 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 analysts’ expectations of $129.16 million. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The firm’s revenue was up 74.4% on a year-over-year basis. As a group, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling

In other Shoals Technologies Group news, CFO Dominic Bardos sold 54,449 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the sale, the chief financial officer directly owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. The trade was a 12.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Mercuria Capital Strategies LLC bought a new position in shares of Shoals Technologies Group during the third quarter valued at $2,223,000. Ruffer LLP bought a new position in Shoals Technologies Group in the third quarter valued at about $2,735,000. Assenagon Asset Management S.A. raised its stake in shares of Shoals Technologies Group by 148.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 414,545 shares of the company’s stock worth $3,524,000 after buying an additional 247,721 shares during the period. American Century Companies Inc. raised its stake in shares of Shoals Technologies Group by 17.8% in the third quarter. American Century Companies Inc. now owns 3,244,717 shares of the company’s stock worth $24,043,000 after buying an additional 490,451 shares during the period. Finally, Erste Asset Management GmbH grew its position in shares of Shoals Technologies Group by 44.1% during the third quarter. Erste Asset Management GmbH now owns 4,516,372 shares of the company’s stock worth $33,873,000 after purchasing an additional 1,382,999 shares in the last quarter.

About Shoals Technologies Group

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.