Shoals Technologies Group (NASDAQ:SHLS) Trading 6.4% Higher – What’s Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price was up 6.4% during trading on Friday . The company traded as high as $9.40 and last traded at $9.87. Approximately 1,320,564 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 5,095,876 shares. The stock had previously closed at $9.28.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SHLS shares. Wall Street Zen lowered Shoals Technologies Group from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Citigroup lifted their price objective on Shoals Technologies Group from $8.50 to $9.50 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Morgan Stanley dropped their price objective on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a research note on Wednesday, February 25th. Weiss Ratings lowered Shoals Technologies Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. Finally, TD Cowen reissued a “buy” rating on shares of Shoals Technologies Group in a research note on Tuesday, February 24th. 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 company. According to MarketBeat, Shoals Technologies Group has a consensus rating of “Moderate Buy” and a consensus target price of $9.64.

Shoals Technologies Group Price Performance

The business has a fifty day simple moving average of $7.03 and a two-hundred day simple moving average of $8.28. 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 $1.74 billion, a PE ratio of 52.25, a P/E/G ratio of 1.11 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $140.56 million for the quarter, compared to the consensus estimate of $129.16 million. The company’s revenue for the quarter was up 74.4% compared to the same quarter last year. Research analysts forecast that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current year.

Insider Transactions at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 54,449 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. This represents a 12.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Shoals Technologies Group by 3.7% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 32,055 shares of the company’s stock valued at $274,000 after acquiring an additional 1,147 shares in the last quarter. GAMMA Investing LLC lifted its position in Shoals Technologies Group by 57.7% in the 4th quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock valued at $32,000 after acquiring an additional 1,375 shares in the last quarter. Bank of Montreal Can lifted its position in Shoals Technologies Group by 5.1% in the 4th quarter. Bank of Montreal Can now owns 33,510 shares of the company’s stock valued at $285,000 after acquiring an additional 1,620 shares in the last quarter. Federated Hermes Inc. lifted its position in Shoals Technologies Group by 1.1% in the 4th quarter. Federated Hermes Inc. now owns 165,278 shares of the company’s stock valued at $1,405,000 after acquiring an additional 1,812 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Shoals Technologies Group by 0.5% during the 1st quarter. Principal Financial Group Inc. now owns 394,094 shares of the company’s stock valued at $2,593,000 after buying an additional 1,883 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.