Shoals Technologies Group (NASDAQ:SHLS) Shares Down 5.3% – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price dropped 5.3% during trading on Tuesday . The company traded as low as $8.69 and last traded at $8.8730. 2,107,030 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 5,342,644 shares. The stock had previously closed at $9.37.

Analyst Ratings Changes

SHLS has been the topic of several recent analyst reports. UBS Group increased their target price on Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Oppenheimer reaffirmed an “outperform” rating and issued a $13.00 price target on shares of Shoals Technologies Group in a report on Tuesday. The Goldman Sachs Group boosted their price objective on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Weiss Ratings upgraded shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday. Finally, Wells Fargo & Company boosted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, June 11th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Moderate Buy” and a consensus price target of $10.71.

Shoals Technologies Group Price Performance

The company has a market cap of $1.45 billion, a price-to-earnings ratio of 45.69, a PEG ratio of 1.12 and a beta of 1.93. The company’s 50 day moving average price is $10.18 and its 200 day moving average price is $8.84. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.10 by $0.02. The business had revenue of $163.37 million during the quarter, compared to analysts’ expectations of $160.03 million. Shoals Technologies Group had a return on equity of 10.15% and a net margin of 5.41%.The company’s quarterly revenue was up 47.4% compared to the same quarter last year. During the same period last year, the firm earned $0.10 EPS. Equities 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, insider Bobbie Lee King, Jr. sold 10,000 shares of Shoals Technologies Group stock in a transaction that occurred on Tuesday, June 16th. The stock was 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. The trade was a 9.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Dominic Bardos sold 54,449 shares of Shoals Technologies Group stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the sale, the chief financial officer 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 SEC filing for this sale provides additional information. Insiders own 0.81% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Institutional investors have recently modified their holdings of the company. KBC Group NV acquired a new position in shares of Shoals Technologies Group during the 1st quarter valued at $30,000. PNC Financial Services Group Inc. increased its stake in Shoals Technologies Group by 378.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after buying an additional 5,983 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Shoals Technologies Group during the first quarter valued at about $57,000. Tower Research Capital LLC TRC lifted its stake in shares of Shoals Technologies Group by 468.3% in the second quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company’s stock worth $66,000 after acquiring an additional 12,788 shares in the last quarter. Finally, Miller Howard Investments Inc. NY purchased a new position in Shoals Technologies Group in the first quarter valued at about $70,000.

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.