Shoals Technologies Group (NASDAQ:SHLS) Trading Down 6.2% – What’s Next?

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

Analyst Ratings Changes

Several research firms recently weighed in on SHLS. Morgan Stanley restated 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. Needham & Company LLC initiated coverage on Shoals Technologies Group in a research report on Wednesday, October 22nd. They set a “buy” rating and a $12.00 target price for the company. Wells Fargo & Company raised their price target on Shoals Technologies Group from $6.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, November 6th. Guggenheim boosted their price objective on Shoals Technologies Group from $8.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, November 11th. 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 research report on Wednesday, November 5th. Twelve investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $8.76.

Shoals Technologies Group Price Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.53 and a current ratio of 2.19. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 43.23, a price-to-earnings-growth ratio of 0.75 and a beta of 1.70. The company has a 50-day moving average price of $8.70 and a 200-day moving average price of $7.48.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.12 earnings per share (EPS) 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 firm had revenue of $135.80 million during the quarter, compared to analysts’ expectations of $131.37 million. On average, equities research analysts expect 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 stock was sold at an average price of $7.83, for a total transaction 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 trade represents a 1.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds have recently modified their holdings of the business. Vident Advisory LLC acquired a new stake in Shoals Technologies Group during the 1st quarter worth approximately $134,000. Royal Bank of Canada increased its position in shares of Shoals Technologies Group by 292.5% during the first quarter. Royal Bank of Canada now owns 106,531 shares of the company’s stock worth $353,000 after acquiring an additional 79,392 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Shoals Technologies Group by 184.7% during the first quarter. AQR Capital Management LLC now owns 922,358 shares of the company’s stock worth $2,975,000 after acquiring an additional 598,407 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Shoals Technologies Group in the 1st quarter valued at $57,000. Finally, Caxton Associates LLP acquired a new position in Shoals Technologies Group in the 1st quarter worth $854,000.

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.