Shoals Technologies Group (NASDAQ:SHLS) Trading Down 6.6% – Time to Sell?

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SHLS. Jefferies Financial Group decreased their target price on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. UBS Group upped their price objective on shares of Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Guggenheim restated a “buy” rating on shares of Shoals Technologies Group in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $9.79.

Shoals Technologies Group Trading Down 5.8%

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 business’s 50-day moving average is $9.54 and its 200 day moving average is $8.68. The firm has a market capitalization of $1.56 billion, a P/E ratio of 46.25, a price-to-earnings-growth ratio of 1.24 and a beta of 1.90.

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

Insider Buying and Selling

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the transaction, the insider owned 98,918 shares of the company’s stock, valued at approximately $1,029,736.38. The trade was a 9.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Dominic Bardos sold 54,449 shares of the company’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 owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. This represents a 12.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Shoals Technologies Group by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock valued at $115,550,000 after purchasing an additional 404,133 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Shoals Technologies Group by 151.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock worth $108,410,000 after acquiring an additional 7,685,515 shares during the last quarter. First Trust Advisors LP increased its holdings in Shoals Technologies Group by 15.4% in the 1st quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock worth $48,061,000 after purchasing an additional 972,382 shares in the last quarter. Peconic Partners LLC raised its position in Shoals Technologies Group by 79.8% in the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after purchasing an additional 3,095,186 shares during the last quarter. Finally, UBS Group AG boosted its stake in shares of Shoals Technologies Group by 87.6% during the fourth quarter. UBS Group AG now owns 6,140,543 shares of the company’s stock valued at $52,195,000 after purchasing an additional 2,867,959 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.