Shoals Technologies Group (NASDAQ:SHLS) Trading 9.8% Higher – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares shot up 9.8% on Thursday . The company traded as high as $10.42 and last traded at $10.3620. Approximately 2,771,456 shares changed hands during trading, a decline of 47% from the average session volume of 5,211,705 shares. The stock had previously closed at $9.44.

Wall Street Analysts Forecast Growth

SHLS has been the subject of a number of recent research reports. Wells Fargo & Company increased their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Thursday, June 11th. Wall Street Zen cut Shoals Technologies Group from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. UBS Group increased their price target on Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Citigroup lifted their price objective on Shoals Technologies Group from $8.50 to $9.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, TD Cowen reissued a “buy” rating on shares of Shoals Technologies Group in a research note on Tuesday, February 24th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $9.71.

Shoals Technologies Group Stock Performance

The firm’s 50 day moving average price is $9.27 and its two-hundred day moving average price is $8.60. The firm has a market cap of $1.74 billion, a PE ratio of 52.10, a PEG ratio of 1.27 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.07 and a current ratio of 1.84.

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

Insiders Place Their Bets

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following the transaction, the insider owned 98,918 shares of the company’s stock, valued at $1,029,736.38. This represents 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 the firm’s 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 directly owned 394,979 shares of the company’s stock, valued at $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. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Shoals Technologies Group by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock worth $115,550,000 after acquiring an additional 404,133 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Shoals Technologies Group by 151.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock valued at $108,410,000 after purchasing an additional 7,685,515 shares during the last quarter. First Trust Advisors LP raised its position in Shoals Technologies Group by 15.4% in the first quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock valued at $48,061,000 after purchasing an additional 972,382 shares during the period. Peconic Partners LLC raised its position in Shoals Technologies Group by 79.8% in the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after purchasing an additional 3,095,186 shares during the period. Finally, UBS Group AG lifted its stake in Shoals Technologies Group by 87.6% during the fourth quarter. UBS Group AG now owns 6,140,543 shares of the company’s stock worth $52,195,000 after purchasing an additional 2,867,959 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.