Shoals Technologies Group (NASDAQ:SHLS) Shares Down 8.2% – What’s Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price was down 8.2% on Wednesday . The stock traded as low as $9.80 and last traded at $9.42. Approximately 351,434 shares changed hands during trading, a decline of 91% from the average daily volume of 3,885,223 shares. The stock had previously closed at $10.26.

Analysts Set New Price Targets

SHLS has been the subject of several recent analyst reports. The Goldman Sachs Group reissued a “buy” rating on shares of Shoals Technologies Group in a report on Monday. Wells Fargo & Company upped their price target on shares of Shoals Technologies Group from $6.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 6th. Morgan Stanley reissued an “equal weight” rating and issued a $9.50 price objective (down previously from $11.00) on shares of Shoals Technologies Group in a research report on Tuesday, December 16th. Zacks Research lowered shares of Shoals Technologies Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Finally, UBS Group upped their target price on shares of Shoals Technologies Group from $9.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Ten research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.40.

Shoals Technologies Group Price Performance

The company has a 50 day moving average of $9.19 and a 200-day moving average of $8.21. The firm has a market capitalization of $1.71 billion, a P/E ratio of 34.50, a P/E/G ratio of 0.82 and a beta of 1.70. The company has a current ratio of 2.19, a quick ratio of 1.53 and a debt-to-equity ratio of 0.21.

Insider Activity at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 4,170 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $7.83, for a total transaction of $32,651.10. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP bought a new stake in shares of Shoals Technologies Group in the fourth quarter valued at approximately $1,430,000. Bridgewater Associates LP acquired a new position in Shoals Technologies Group in the 4th quarter valued at $515,000. Ridge Creek Global Inc bought a new stake in shares of Shoals Technologies Group during the 4th quarter valued at $304,000. Essex Investment Management Co. LLC bought a new stake in shares of Shoals Technologies Group during the 4th quarter valued at $814,000. Finally, First Trust Advisors LP grew its holdings in shares of Shoals Technologies Group by 1,493.0% during the 4th quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock worth $53,819,000 after purchasing an additional 5,934,223 shares in 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.