Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 11.3% – Should You Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares were down 11.3% during trading on Thursday . The stock traded as low as $10.28 and last traded at $10.2030. Approximately 3,139,601 shares were traded during mid-day trading, a decline of 41% from the average session volume of 5,303,998 shares. The stock had previously closed at $11.50.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Jefferies Financial Group increased their price target on shares of Shoals Technologies Group from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday. UBS Group raised their price target 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. Roth Capital reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. Finally, Barclays boosted their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.31.

Shoals Technologies Group Price Performance

The stock has a 50-day moving average price of $10.24 and a two-hundred day moving average price of $8.80. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 51.52, a PEG ratio of 1.31 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, beating the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The company had revenue of $140.56 million for the quarter, compared to analyst estimates of $129.16 million. The firm’s quarterly revenue was up 74.4% compared to the same quarter last year. As a group, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.34 EPS for the current year.

Insider Activity

In other news, CFO Dominic Bardos sold 54,449 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $8.48, for a total transaction of $461,727.52. Following the transaction, the chief financial officer owned 394,979 shares in the company, valued at $3,349,421.92. This represents a 12.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 98,918 shares of the company’s stock, valued at $1,029,736.38. The trade was a 9.18% 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

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

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.