Shoals Technologies Group (NASDAQ:SHLS) Trading Up 10.6% – Time to Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price shot up 10.6% on Tuesday . The company traded as high as $10.39 and last traded at $10.3930. Approximately 430,423 shares traded hands during trading, a decline of 92% from the average session volume of 5,266,726 shares. The stock had previously closed at $9.40.

Analyst Ratings Changes

SHLS has been the topic of a number of recent analyst reports. Jefferies Financial Group boosted their price objective on Shoals Technologies Group from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday. UBS Group lifted their target price on Shoals Technologies Group from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Wells Fargo & Company boosted their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, June 11th. Guggenheim restated a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Finally, JPMorgan Chase & Co. raised 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 report on Wednesday, May 6th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to 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 business has a 50-day moving average of $10.12 and a 200 day moving average of $8.77. 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 firm has a market capitalization of $1.76 billion, a P/E ratio of 52.70, a price-to-earnings-growth ratio of 1.22 and a beta of 1.90.

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

Insiders Place Their Bets

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of Shoals Technologies Group stock in a transaction dated 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 in the company, valued at $1,029,736.38. This trade represents a 9.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Dominic Bardos sold 54,449 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $8.48, for a total transaction of $461,727.52. Following the sale, the chief financial officer directly owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. The trade was a 12.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds have recently added to or reduced their stakes in SHLS. Handelsbanken Fonder AB increased its holdings in Shoals Technologies Group by 31.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 3,766,966 shares of the company’s stock worth $37,293,000 after purchasing an additional 912,093 shares in the last quarter. Mirador Capital Partners LP bought a new position in shares of Shoals Technologies Group in the second quarter valued at approximately $574,000. Militia Capital Management LLC purchased a new position in shares of Shoals Technologies Group during the first quarter valued at approximately $516,000. Edgestream Partners L.P. purchased a new position in shares of Shoals Technologies Group during the first quarter valued at approximately $2,235,000. Finally, California State Teachers Retirement System grew its holdings in Shoals Technologies Group by 31.0% during the first quarter. California State Teachers Retirement System now owns 199,903 shares of the company’s stock worth $1,315,000 after buying an additional 47,318 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.