Shoals Technologies Group (NASDAQ:SHLS) Trading Down 6.2% – Time to Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price traded down 6.2% on Wednesday . The company traded as low as $8.55 and last traded at $8.6640. 1,053,777 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 2,416,082 shares. The stock had previously closed at $9.24.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Guggenheim increased their price target on Shoals Technologies Group from $8.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. Morgan Stanley reissued an “equal weight” rating and set a $9.50 target price (down previously from $11.00) on shares of Shoals Technologies Group in a research report on Tuesday, December 16th. Needham & Company LLC started coverage on Shoals Technologies Group in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $12.00 price target on the stock. Wells Fargo & Company lifted their price objective on Shoals Technologies Group from $6.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 6th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Shoals Technologies Group in a research note on Tuesday, October 14th. Twelve equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $8.76.

Shoals Technologies Group Stock Down 6.2%

The business’s fifty day moving average price is $8.70 and its 200 day moving average price is $7.48. The company has a market capitalization of $1.45 billion, a P/E ratio of 43.23, a P/E/G ratio of 0.75 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.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 4th. The company reported $0.12 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.12. Shoals Technologies Group had a net margin of 7.66% and a return on equity of 8.50%. The business had revenue of $135.80 million for the quarter, compared to analysts’ expectations of $131.37 million. As a group, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity at Shoals Technologies Group

In other news, CFO Dominic Bardos sold 4,170 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $7.83, for a total value of $32,651.10. Following the sale, the chief financial officer owned 412,289 shares of the company’s stock, valued at approximately $3,228,222.87. This represents a 1.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.52% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Hedge funds have recently modified their holdings of the company. GAMMA Investing LLC raised 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 purchasing an additional 1,375 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of Shoals Technologies Group by 14.1% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 16,616 shares of the company’s stock valued at $123,000 after buying an additional 2,047 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Shoals Technologies Group by 13.0% in the second quarter. Canada Pension Plan Investment Board now owns 20,200 shares of the company’s stock valued at $86,000 after buying an additional 2,316 shares during the last quarter. AE Wealth Management LLC raised its holdings in shares of Shoals Technologies Group by 8.6% in the second quarter. AE Wealth Management LLC now owns 34,568 shares of the company’s stock valued at $147,000 after buying an additional 2,743 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Shoals Technologies Group by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 195,828 shares of the company’s stock worth $832,000 after buying an additional 3,601 shares in the last quarter.

About Shoals Technologies Group

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.