Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 6.6% – Should You Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price was up 6.6% during mid-day trading on Wednesday . The company traded as high as $8.58 and last traded at $8.6150. Approximately 1,803,404 shares were traded during trading, a decline of 71% from the average daily volume of 6,232,488 shares. The stock had previously closed at $8.08.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SHLS. Roth Capital restated a “buy” rating and set a $15.00 target price (up previously from $10.00) on shares of Shoals Technologies Group in a research note on Wednesday, November 5th. UBS Group increased their price objective on shares of Shoals Technologies Group from $9.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Morgan Stanley lifted their target price on shares of Shoals Technologies Group from $7.00 to $11.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Jefferies Financial Group increased their price target on Shoals Technologies Group from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Monday, September 8th. Finally, Needham & Company LLC assumed coverage on Shoals Technologies Group in a report on Wednesday, October 22nd. They set a “buy” rating and a $12.00 price target on the stock. Thirteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.84.

Shoals Technologies Group Stock Performance

The firm’s 50 day simple moving average is $9.00 and its 200 day simple moving average is $6.93. The firm has a market cap of $1.48 billion, a PE ratio of 44.13, a PEG ratio of 1.00 and a beta of 1.71. The company has a current ratio of 2.19, a quick ratio of 1.53 and a debt-to-equity ratio of 0.21.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, November 4th. The company reported $0.12 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.12. Shoals Technologies Group had a return on equity of 8.50% and a net margin of 7.66%.The firm had revenue of $135.80 million for the quarter, compared to analysts’ expectations of $131.37 million. On average, research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 4,170 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $7.83, for a total value of $32,651.10. Following the completion of the transaction, the chief financial officer directly owned 412,289 shares of the company’s stock, valued at approximately $3,228,222.87. This trade represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors have recently bought and sold shares of SHLS. Tudor Investment Corp ET AL grew its stake in shares of Shoals Technologies Group by 83.2% in the 3rd quarter. Tudor Investment Corp ET AL now owns 1,025,812 shares of the company’s stock worth $7,601,000 after buying an additional 465,968 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of Shoals Technologies Group in the 3rd quarter valued at about $133,000. Maven Securities LTD grew its position in Shoals Technologies Group by 19.9% in the third quarter. Maven Securities LTD now owns 128,912 shares of the company’s stock worth $955,000 after acquiring an additional 21,366 shares in the last quarter. Caxton Associates LLP bought a new stake in Shoals Technologies Group during the third quarter worth approximately $1,407,000. Finally, XTX Topco Ltd raised its position in Shoals Technologies Group by 98.8% during the third quarter. XTX Topco Ltd now owns 123,975 shares of the company’s stock valued at $919,000 after purchasing an additional 61,612 shares during the period.

About Shoals Technologies Group

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.