Shoals Technologies Group (NASDAQ:SHLS) Trading 6.4% Higher – What’s Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price traded up 6.4% during mid-day trading on Friday . The stock traded as high as $9.40 and last traded at $9.87. 1,320,564 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 5,095,876 shares. The stock had previously closed at $9.28.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a report on Wednesday, May 6th. Wells Fargo & Company lowered their price objective on Shoals Technologies Group from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 25th. The Goldman Sachs Group restated a “buy” rating on shares of Shoals Technologies Group in a report on Monday, February 9th. Morgan Stanley dropped their target price on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating on the stock in a report on Wednesday, February 25th. Finally, UBS Group raised 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. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Shoals Technologies Group currently has an average rating of “Moderate Buy” and an average price target of $9.64.

Shoals Technologies Group Stock Up 11.9%

The company has a quick ratio of 1.07, a current ratio of 1.84 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $1.74 billion, a PE ratio of 52.25, a P/E/G ratio of 1.11 and a beta of 1.74. The stock has a 50-day moving average of $7.03 and a 200 day moving average of $8.28.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $140.56 million during the quarter, compared to the consensus estimate of $129.16 million. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.Shoals Technologies Group’s revenue was up 74.4% compared to the same quarter last year. Sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.34 EPS for the current year.

Insiders Place Their Bets

In other Shoals Technologies Group news, CFO Dominic Bardos sold 54,449 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $8.48, for a total transaction of $461,727.52. Following the completion of the transaction, the chief financial officer directly owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. This represents a 12.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently bought and sold shares of SHLS. KBC Group NV bought a new position in Shoals Technologies Group during the first quarter valued at $30,000. GAMMA Investing LLC grew its holdings in Shoals Technologies Group by 57.7% during the fourth 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 period. USA Financial Formulas bought a new position in Shoals Technologies Group during the fourth quarter valued at $49,000. PNC Financial Services Group Inc. grew its holdings in Shoals Technologies Group by 378.0% during the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock valued at $50,000 after purchasing an additional 5,983 shares during the period. Finally, State of Alaska Department of Revenue bought a new position in shares of Shoals Technologies Group in the third quarter worth $54,000.

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.